Metro Detroit homebuyers finally catch a break
More than 30% of home sellers in metro Detroit dropped their asking price in July, per new data from Redfin.
- That's up from 21% a year ago.
Why it matters: Buyers are starting to gain more leverage as the housing market cools nationwide thanks to rising mortgage rates and growing fears that home values will drop.
Yes, but: The power shift toward buyers is more dramatic in boomtowns out West and in the South.
- More than half of homesellers slashed prices last month in cities like Boise and Denver, where remote workers flocked during the pandemic.
Zoom in: Detroit ranked 60th among the 97 most populous metros in the country in homeseller reductions.
- Grand Rapids (42%) was No. 21.
- Warren (40%) ranked 28th.
💡 Worthy of your time: Are you a renter? Check out Axios' national coverage of the "deeply broken" rental housing market.
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