Market Update

As we round out the end of the year, new listings remain scarce but the best listings will continue to sell quickly. Quick tidbit….In Southeast Michigan, demand for homes has exceeded the available supply since 2019. Since then we saw urban living take the lead, then more suburban living with outdoor living spaces and home offices rose in popularity. We saw properties sell for over $1000/square foot and sales of $5,000,000 and more. We saw interest rates drop below 3% and then rise to over 7.5%. 2024 has been much of a rollercoaster as we navigated through inventory, interest rates and election turbulence. Throughout all of this the lack of inventory remains the primary driver of sales and prices.