2023 Northville, Plymouth/Canton and Novi End of Summer Real Estate Market Update

School has started making this an ideal time to look back at our local real estate market as we head into football season. The market remains competitive for buyers who are competing for the fewer homes available. Although the buying frenzy isn’t quite as frenetic as it once was, desirable homes still sell quickly – often over the asking price. Interest rates have increased again but appear to be stabilizing while other homeowners are enjoying their existing mortgages at much lower rates. The results are fewer homes available sometimes creating multiple offer situations. The following charts help illustrate the current trends in our market:

The Number of Homes For Sale remains low compared to Pre-Covid

Prices are at peak once again after a brief pause last year due to increasing interest rates

With fewer homes available, Showings Per Listing remains strong recovering somewhat from last year’s interest rate pause and stronger than Pre-COVID

With fall just around the corner and the peak summer season behind us, we can see that the number of homes for sales remains low while showings for those listings remains good but down from peak levels of Spring 2022 before interest rates rose.

So in summary, it appears that higher interest rates are continuing to dampen demand but seller supply seems to have dampened more resulting in rising prices. The peaks and valleys we’ve experienced since COVID appear to be settling down and we look forward to a more balanced, stable and sustainable market in the future.

And finally, a well presented, updated, and maintained home that is priced appropriately and enjoys a good location should still sell quickly and sometimes with multiple offers. Other homes may also sell quickly as long as they are reasonably priced.