"The Michigan metro absorbed 1,331 listings at a median price of $280,000 during the seven-day period ending Oct. 10, while maintaining inventory at 1.77 months of supply. HW Data indicates sellers maintain the advantage in one of the nation's competitive affordable housing markets, creating opportunities for investors and first-time buyers who must navigate seller-favorable conditions in a rebounding metro economy."
"The market maintained 8,561 active listings with a median price of $257,000, while 914 new properties entered inventory at a median of $265,000. Properties averaged 88 days on market with a median of 49 days, demonstrating faster turnover than the national mean of 112 days. The price per square foot reached $179.50, offering a 16% discount compared to the national median of $214.83. With homes averaging 1,801 square feet, Detroit attracts first-time buyers and investors seeking value,"
Detroit's single-family housing market showed exceptional activity in early October with sellers in control and a median listing price of $257,000. The metro absorbed 1,331 listings at a median price of $280,000 during the seven-day period ending Oct. 10 while inventory remained at 1.77 months of supply. The market held 8,561 active listings and added 914 new properties at a median of $265,000. Properties averaged 88 days on market with a median of 49 days, faster than the national mean of 112 days. Price per square foot was $179.50, roughly 16% below the national median. Pendings numbered 4,789 with 1,040 new contracts at a median $285,000, and price reductions affected 38% of listings with a median decrease of 5.2%.
Read at www.housingwire.com
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