Michigan Housing Market Analysis - September 2024
The Michigan housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Michigan stands at $266,400, reflecting a slight decrease of 1.5% compared to the previous year. Similarly, the Median List Price has experienced a decline of 1.0%, now at $265,700. Despite these decreases, the median Price Per Square Foot has increased by 5.3% to $181, indicating a rise in property value on a per-square-foot basis.
In terms of sales activity, the number of Homes Sold in Michigan has decreased by 8.0% year-over-year, totaling 9,957 units. Pending Sales have also seen a decline, albeit a smaller one, with a 2.6% drop, resulting in 11,060 pending transactions. On a more positive note, New Listings have increased slightly by 0.7%, reaching 12,260, which may provide more options for potential buyers.
The Inventory of Homes Available for sale has risen significantly by 10.1%, now at 24,097 units. This increase in inventory has contributed to a substantial 40.0% rise in the Months of Supply, which currently stands at 2.4 months. This indicates a shift towards a more balanced market, although it still leans towards favoring sellers.
The median days on the market for homes in Michigan is 27 days, which is a 5.0% increase from the previous year. This suggests that homes are taking slightly longer to sell compared to last year. The average sale to list ratio has decreased by 0.6%, now at 98.8%, indicating that homes are selling closer to their list prices.
Additionally, the percentage of Homes Sold above the list price has decreased by 4.0%, now at 34.0%. This decline suggests a cooling in competitive bidding situations. Conversely, the percentage of Price Drops has increased by 4.9%, with 33.8% of listings experiencing price reductions, indicating that sellers may be adjusting their expectations in response to market conditions.
The percentage of homes going off the market within two weeks has decreased by 5.0%, now at 43.3%. This suggests that homes are taking longer to attract buyers, possibly due to the increased inventory and longer days on the market.
Overall, the Michigan housing market in September 2024 is characterized by a mix of declining sales prices and increased inventory, alongside rising property values on a per-square-foot basis. While the market shows signs of cooling, it remains dynamic, with opportunities for both buyers and sellers to navigate the evolving landscape.
