Metro Detroit Real Estate Market Update - June 2021!
Metro Detroit June 2021 Real Estate Market Update
June 2021 is in the books and what a month it has been!
Before we dive into the numbers for the Metro Detroit Real Estate Market, the National Association of Realtors just made an exciting announcement that home values have increased by 23.6% year over year! This is an amazing amount of growth and brings the average home price in the United States up to $350,000.
The number of home sales in Metro Detroit during the month of June exceeded 12,000 properties, which is up nearly 1,000 properties when compared to just last month.
We've also seen a jump in the amount of inventory going onto the market - over 16,500 new homes in June. This is more new real estate for sale entering the market in a one-month period than we have seen in nearly two years!
Looking at the average days on market, we are at an all-time low of just 23 days for ALL properties in Southeast Michigan. That may seem like quite a bit, but when we take out all of the outlier properties (vacant land, homes over $3-4M, homes with a ton of acreage, unique homes, etc.) this number actually drops our days on market all the way down to an average of just 9 days!
If you are considering making a move this year, today is the day to get started! Real estate in MI is booming. For buyers, with a larger supply of inventory, July and August are your months to get out and see some homes! For sellers, the low-interest rates are keeping a large number of buyers on the market looking for their next home!
Don't hesitate to call us today at 248-886-4450 for any and all of your real estate needs. We would love to help you with your Metro Detroit property search or connect you with one of our amazing listing agents for a free, no-obligation home evaluation if you're considering putting your home for sale.
For an instant online analysis that’s 97% more accurate than Zillow, click here to receive your home evaluation in just 30 seconds.
Use our no-obligation market analysis for an in-depth look at your home’s value. You can also search all available homes for sale currently listed on the market.
Be sure to join in on our weekly LIVE Saturday Real Estate Q&A Webinar where Michael Perna and Austin Pothast will be answering your real estate questions! Like our page and be notified when the broadcast begins!
For a glimpse into the service we have provided hundreds of buyers, explore reviews submitted by our past clients.
Metro Detroit May 2021 Real Estate Market Update
The real estate market is still on fire with 51% of homes closed in May of 2021 selling ABOVE asking price!
This is the first time we have seen the closed sales above the asking price go above the 50% mark. Additionally, the average time on the market has dropped to a record low of just 17 Days across the board.
In Metro Detroit, we saw average sales prices increase to $262,500, up to $10,500 from the April 2021 average of $252,000. This is an incredible jump. On a national level over the past 12 months, we have seen the average sales price increase 13.2%, with the increase in Metro Detroit just a bit higher at 14%.
The number of sales we are seeing month over month is holding steady with just a slight increase of 100 homes between April 2021 (10,800 homes) to May 2021 (10.900 homes). However, the number of Pending properties is up even further with over 13,000 properties accepting offers over the past 30 days. This means two things: The number of sales is increasing & the number of available homes on the market is increasing.
In April we saw 14,495 homes hit the market, with an increase to 15,400 homes in May. This additional 405 homes may not seem like a large increase, but it is providing some relief to buyers who have been struggling to find their next home or get an offer accepted in the competitive market.
Providing additional relief is the average number of offers per property drop meaning that the competition is starting to lift. We were at an average of over 6 offers, but are now down 50% to over 3 offers.
Interest rates are still holding steady with an average of 2.95% (per the Mortgage Broker Association), making this a GREAT time to purchase a new home. We do know the FED has committed to keeping interest rates below 4% through 2022, but we don't know how long the current rate will hold.
If you are looking to buy or sell, or are interested in finding out the value of your property, please reach out anytime at 248-714-0980
We have been having great success not only in helping our buyers win their new homes but in finding homes not yet listed on the market. We would love to help you and your family get to your next destination!
For help with your real estate needs, or to ask any questions, please call: 248-886-4450
To search all available homes for sale currently listed on the market, please visit https://www.thepernateam.com/property-search/search-form/
For an instant online analysis that’s 97% more accurate than Zillow, click here to receive your home evaluation in just 30 seconds http://www.instantonlineanalysis.com/
For an in-depth look at your home’s value using our no-obligation market analysis, click here: https://www.thepernateam.com/sellers/free-market-analysis/
For a glimpse into the service we have provided hundreds of families, click the following link for reviews submitted by our past clients: http://bit.ly/PernaTeamReviews
Join us every Saturday morning at 10:00 am EST for our LIVE Real Estate Webinar where we will be taking all questions! Be sure to like our page so you are notified when the broadcast begins: https://www.facebook.com/metrodetroithomevaluations
If you have been considering a career in Real Estate and would like to hear about our one of a kind training program, message us directly or check out our real estate agent scholarship program at https://www.thepernateam.com/real-estate-scholarship.php