Blog > Housing Report > Southeast Michigan > Southeast Michigan March 2021

Southeast Michigan March 2021

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3,234

Available Listings
-15% from last month

3,606

New Pendings
-4% from last month

6,258

YTD Closed Sales
+6% from last year

$257k

YTD Avg Sale Price
+14% from last year

$151

YTD Price Per Sq Ft
+14% from last year

Summary

With YTD sales up 6%, there’s no shortage of demand, but the lack of inventory is gaining the upper-hand and will restrict future sales heading into the spring market. That increase in closed sales is amazing, considering inventory levels are down 61% and they continue to decline each month. Buyer competition will continue to lift prices. YTD average price and price per square foot are both up 14%—much of that is due to fewer entry and middle-priced sales and more upper-end sales. The amount of increase is about 10% for under-$250k homes and only 4% for over-$500k properties. Both sellers and buyers who want to move this year should get an early start. 

Monthly Activity

ListingsChangeNew PendingsChangeMonths SupplyChange
All3234-15%3606-4%0.9-11%
$10k - 150k1040-20%1050-2%1.0-18%
$150k - 250k469-17%1055-8%0.4-10%
$250k - 500k842-15%1152-6%0.7-9%
$500k +883-7%3495%2.5-12%

YTD Closed Activity

ListingsChangeNew PendingsChangeMonths SupplyChange
All3234-15%3606-4%0.9-11%
$10k - 150k1040-20%1050-2%1.0-18%
$150k - 250k469-17%1055-8%0.4-10%
$250k - 500k842-15%1152-6%0.7-9%
$500k +883-7%3495%2.5-12%

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