Most Michigan markets peaked in June and have been slowing with prices fading since. But it did that last year too. However much of the slowdown this year is due to the interest rate increase.
While the pandemic-era sales and price booms are fading, there remains a large pool of buyers who have been looking for over a year to find their “something special”. We continue to see the best listings sell immediately with competing offers, but the frequency of those situations and the number of competitors is shrinking.
Looking forward, expect market times and the rate of price reductions to rise. The Housing Reports links below provide more detail for your market area.
Published on 2022-09-30 17:22:15
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