Southeast Michigan Housing Report Year End 2023
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Through the first half of 2024, expect demand to continue to outweigh supply. However, as the year progresses, expect to see inventory to gradually rise into a more balanced position as homeowners who have been thinking about selling for the past two years come down off the fence. The lack of inventory had a negative impact on 2023 sales and depleted inventory levels held sales volume down. Through the first half of 2023, prices were down from the prior year. That flipped in June and since then monthly average prices have been up. Overall, while ‘23 values finished just 1% higher than the prior year, YOY values for November and December were up 7% and 8%. Expect this momentum to extend into the early months of 2024. The projected periodic decreases in interest rates through the year should attract additional sellers and buyers. Rates are expected to drop below 6% in the second half of the year.
SEMI 5-County ’23 Annual Summary
58,081
Total Listings
-17% from last year
39,749
Closed Sales
-15% from last year
$183
Price Per Sq. Ft.
+1% from last year
$306K
Avg. Sale Price
+1% from last year
$12.2B
Closed Volume
-15% from last year
