Michigan Housing Market Overview - November 2024
The Michigan housing market in November 2024 presents a complex landscape with varied trends across different metrics. The Median Sales Price has seen a slight increase of 0.3% year-over-year, reaching $263,300. This modest rise indicates a relatively stable market in terms of sales prices.
Conversely, the Median List Price has decreased by 6.8% year-over-year, now standing at $243,200. This decline suggests that sellers may be adjusting their expectations to align with market conditions, potentially to attract more buyers in a competitive environment.
In terms of Price Per Square Foot, the Median Sales Price per square foot has increased by 6.1% to $175, while the Median List Price per square foot has risen by 6.8% to $173. These increases reflect a growing demand for space, possibly driven by buyers prioritizing larger homes or more desirable locations.
The number of Homes Sold in Michigan has seen a slight uptick of 0.4% year-over-year, totaling 9,086 units. Pending Sales have also increased by 3.2%, reaching 9,359, indicating a healthy level of buyer interest and activity in the market.
However, New Listings have decreased by 4.6% year-over-year, with 8,777 new properties entering the market. This reduction in New Listings, coupled with an inventory increase of 6.5% to 22,263, suggests that while more homes are available, fewer new options are being introduced, potentially leading to increased competition among existing listings.
The Months of Supply have risen significantly by 20.0% year-over-year, now at 2.5 months. This increase indicates a shift towards a more balanced market, although it still leans towards favoring sellers.
The Median Days on Market have increased by 6.0% to 32 days, suggesting that homes are taking slightly longer to sell compared to the previous year. This could be a result of the increased inventory and decreased New Listings, giving buyers more options to consider.
The average sale to list ratio has seen a minor decline of 0.3%, now at 97.9%, indicating that homes are selling slightly below their list prices. The percentage of Homes Sold above list price has decreased by 3.7% to 28.3%, further highlighting the shift in market dynamics.
Price Drops have increased marginally by 0.4%, with 28.2% of listings experiencing reductions. This trend suggests that sellers are becoming more flexible with pricing to attract buyers. Additionally, the percentage of homes going off the market within two weeks has decreased by 3.1% to 37.8%, indicating a slower pace of transactions.
Overall, the Michigan housing market in November 2024 reflects a mix of stability and adjustment, with sellers adapting to changing buyer preferences and market conditions. While sales prices remain relatively stable, the decrease in list prices and increased inventory suggest a market in transition, offering opportunities for both buyers and sellers to navigate the evolving landscape.
