Blog > Housing Report > Southeast Michigan > Southeast Michigan Housing Report March 2023

Southeast Michigan Housing Report March 2023

Subscribe

Get the latest Michigan Housing Reports delivered straight to your inbox!

Select report(s) to receive:

Topics

SEMI 5-County Summary

3,197

Feb. New Listings
-9% from last month

3,275

New Pendings
+3% from last month

2,504

Closed Sales
+9% from last month

$173

Price Per Sq. Ft.
-3% from last month

$279K

Avg. Sale Price
+4% from last month

All Price Ranges

Dec ’22Jan ’23Feb ’23YTD ’22YTD ’23YTD (+/-)
Listings Taken2,8163,4983,1977,6336,695-12%
New Pendings2,5463,1773,2756,8276,452-5%
Closed Sales3,1282,2882,5046,1234,792-22%
Price/SF$164$166$167$167$167-1%
Avg Price$296,710$267,322$278,631$274,599$273,2310%

<$250k

Dec ’22Jan ’23Feb ’23YTD ’22YTD ’23YTD (+/-)
Listings Taken1,7451,9281,7044,2913,632-15%
New Pendings1,4601,7911,7943,8933,585-8%
Closed Sales1,7801,3281,3363,5292,664-25%
Price/SF$124$122$121$126$121-4%

$250k to $500k

Dec ’22Jan ’23Feb ’23YTD ’22YTD ’23YTD (+/-)
Listings Taken7571,1049812,3242,085-10%
New Pendings8241,0561,1102,1702.1660%
Closed Sales1,0247379061,9781,643-17%
Price/SF$176$179$179$178$1790%

>$500k

Dec ’22Jan ’23Feb ’23YTD ’22YTD ’23YTD (+/-)
Listings Taken3144665121,018978-4%
New Pendings262330371764701-8%
Closed Sales324223262616485-21%
Price/SF$224$237$232$237$234-1%

Get our Michigan Housing Market Reports right in your inbox

Which report(s) would you like to receive?

Featured Stories

View all →

Southeast Michigan 2024 Housing: Trends and Predictions

2 minutes Through the first half of 2024, expect demand to continue to outweigh supply. However, as the year progresses, expect to see inventory gradually rise into a more balanced position as [...]

Read More

Southeast, MI Looking Ahead to 2024

< 1 minute DEMAND As late as November, 55% 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 [...]

Read More

Shift Toward Cash Transactions

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 [...]

Read More

View all featured stories →