Looking back at 2021, we saw our local real estate market rise dramatically during the Spring as already strong buyer demand continued to strengthen while the the supply of homes for sale remained limited. The rise in home prices was making headlines across the country as buyers competed to buy whatever homes became available. Bidding wars ensued with Buyers resorting to extreme tactics in order to win including all-cash offers, waived inspections, free occupancy, and more. Our local market was no exception as prices rose but prices have been rising steadily since 2009.
The charts below illustrate 10 years of data for Plymouth and Northville and help put the changes of 2021 in some perspective. See the comments below each chart:
Prices have steadily risen in our market since 2009 and 2021 was no exception. After a plateau in early 2020 with the lockdown, prices have recovered and the upward trend we have seen since 2009 continues. This is a more dramatic chart that shows buyer interest in the market. The number of showings per listing dropped to near-zero during the lockdown of Spring 2020 and then returning to ‘normal’ level later in 2020. But it wasn’t until 2021 that we saw the number of showings per listing spike upward as buyer traffic grew quickly. As 2021 came to end, the number of showings per listing remains very high indicating that we still have a seller’s market.Days on Market remains low as expected given the imbalance of more buyers and fewer sellers in the marketThe number of new listings has steadily declined as supply remains very constrained making it difficult of the buyers. Home sellers are often faced with the challenge of finding another home before they can sell which makes the decision to sell that much more difficult.
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