> > > Metro Detroit’s Hottest Markets
Above is a list of Metro Detroit markets that stand out based on the percentage of sales selling at or above full asking price, and percentage of sales selling within 10 days. The list is grouped by price range. Homes in the entry and middle price ranges typically sell quicker than upper-end properties—there’s a larger pool of buyers that can afford them. In recent years, prices have risen, and the availability of affordable homes has shrunk. While last year’s jump in interest rates and inflation hit buyers with limited resources hardest, people will always need a place to live. Downriver, St. Clair Shores, Westland and Ypsilanti offered the communities people were looking for at the prices they could afford. While supply is not as big of an issue in the upper-end markets, today’s buyers are more critical than ever. Post-pandemic buyers want easy—everything done and move-in-ready. Community activities and lifestyle are also important. Expect communities like Novi and Ann Arbor to continue to be hot in 2023. Demand in these communities will continue to be high relative to supply. While we won’t see as many 10-offer bidding wars as last year, buyers will continue to pay big prices for the best homes at all price ranges.
< 1 minute DEMAND Since July nearly 65% of all closed sales have been at or above asking price. Buyers continue to compete for listings—a strong indication that demand for quality listings continues [...]
2 minutes In recent years, the real estate market has experienced a noticeable shift with an increase in the percentage of cash sales. This trend has been particularly evident in Metro Detroit [...]
< 1 minute Buyers continue to grapple with higher interest rates, prices, and taxes, in addition to facing depleted and picked-over inventory. Since the best new listings sell quickly, the remaining listings on [...]