"Active listings in Detroit rose 14.7% year over year in February to 2,336 homes, nearly double the national growth rate of 7.9%. New listings surged 18.0% compared to last February, far outpacing the national rate of just 2.4%. This increase in supply means buyers have more negotiating power and options."
"Detroit's median list price stayed flat at $100,000 in February, but rising inventory and slower sales historically push prices down. 13.1% of listings had already cut their prices, up from a year ago, indicating that sellers are not adjusting as broadly as those in other markets."
"The typical home in Detroit spent 76 days on the market in February, which is above the national median of 70 days and represents a 12.3% increase year over year. This trend suggests that buyers can afford to be patient as they navigate the market."
Detroit's real estate market has become more favorable for buyers as inventory increased by 14.7% year over year, leading to more choices and negotiating power. The median list price remained flat at $100,000, but rising inventory and slower sales indicate potential price declines. Homes are sitting on the market longer, averaging 76 days compared to the national median of 70 days. Sellers are facing more competition, with 13.1% of listings reducing prices, providing leverage for buyers.
Read at SFGATE
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