Blog > Housing Report > Southeast Michigan > Southeast Michigan September 2020

Southeast Michigan September 2020

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Topics

6,946

Available Listings
-5% from last month

6,106

New Pendings
-4% from last month

29,078

YTD Closed Sales
-12% from last year

$254k

YTD Avg Sale Price
+7% from last year

$145

YTD Price Per Sq Ft
+5% from last year

Summary

While new pendings have consistently outnumbered new listings, inventory levels have dropped every month since January. Inventory is 47% lower than a year ago. Despite Covid, a six-week market shutdown and the shortage of inventory, 2020 closed sales are only 12% behind last year’s pace and the gap is narrowing. Even with all the recent economic and lifestyle changes, buyer demand remains high and home values continue to rise—YTD average sale price is up 7% and price per square foot is up 5%. For anyone thinking of selling, it’s not too late to take advantage of one of 2020’s few gifts—a strong housing market.

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