Blog > Housing Report > Southeast Michigan > Southeast Michigan August 2020

Southeast Michigan August 2020

Subscribe

Get the latest reports delivered straight to your inbox!

Select report(s) to receive:

Topics

7,301

Available Listings
-5% from last month

6,349

New Pendings
no change from last month

23,504

YTD Closed Sales
-16% from last year

$249k

YTD Avg Sale Price
+6% from last year

$143

YTD Price Per Sq Ft
+4% from last year

Summary

Although inventory is down 39% compared to last year, daily showing activity and new pending sales continue to run at a faster pace than last year. July closed sales were up 33% compared to the previous month and 12% compared to July of 2019. Values continue to rise, YTD average sale price and price per square foot are both up—6% and 5% respectively. Record-low interest rates and strong demand will continue to drive sales so long as there are enough listings to keep the fire from going out. Potential sellers who have been waiting to see how Covid would impact the market would do well to jump in while it’s hot.

Get the reports right in your inbox

Which report(s) would you like to receive?