Housing market update: Prices continue to go up

The demand for homes in Southeast Michigan continues to grow every day despite the pandemic.

Closed sales increased 2.3 percent for residential homes and 0.7 percent for condo homes, according to Realcomp.com. Pending sales increased 15.6 percent for residential homes and 25.3 percent for condo homes. Inventory decreased 35.6 percent for residential homes and 11.0 percent for condo homes, according to Realcomp.com.

The median sales price increased 14.8 percent to $218,750 for residential homes and 4.1 percent to $178,000 for condo homes, according to Realcomp.com. Days on market increased 24.2 percent for residential homes and 22.9 percent for condo homes, according to Realcomp.com. Months supply of inventory decreased 31.4 percent for residential homes and 6.5 percent for condo homes, according to Realcomp.com.

Despite the significant economic impact of the pandemic, home buyers remain extremely resilient. With mortgage rates remaining near record low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market, experts say.

This is a great time to sell your home and get the most money for it. Please call us for a free price analysis of your property.

Please call 313-819-0101.

 

 

 

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