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Housing Report: Southeast Michigan May 2018

  • Writer: Mitchell Peterek
    Mitchell Peterek
  • Dec 4, 2018
  • 1 min read

Housing Market, Home Buying, Home Selling, home values, southeast michigan, 2018, May
May 2018 Southeast Michigan Housing Report

While inventory rose through April, it continues to decline compared to previous years. There were 8% fewer available listings on May 1st of this year compared to last year.


Lack of inventory has been causing sales to decline, but the increased competition for available homes continues to drive prices up. Year-to-date average sale price and price per square foot were up 6% and 7% respectively compared to last year.


As prices rise, it becomes increasingly difficult for first-time buyers to find affordable homes. Higher-end markets, where values had been flattening appear to be picking up, at least temporarily.


 
 
 

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