Oct 5, 2023 - News

Metro Detroit's housing market stayed hot over the summer

Share of homes that go off-market within two weeks, by metro division
Data: Redfin; Note: Metro divisions are subdivisions of metropolitan areas; Chart: Axios Visuals

Our housing market was hotter than the rest of the country this summer.

  • More than half of Metro Detroit homes for sale in July were snapped up in two weeks or less, according to Redfin data shared with Axios.

Why it matters: Houses that stay on the market for more than a month are usually overpriced or in need of major work, according to Redfin deputy chief economist Taylor Marr.

  • Nationwide, roughly 41% of listings were marked pending, contingent or sold within that window, Redfin found.

What's happening: While local home prices are still lower compared with the rest of the country, they're rising faster than the national average, Crain's reports.

  • The S&P CoreLogic Case-Shiller Indices, which track listings around the country, report that home prices in Metro Detroit are greatly outpacing the national average, growing 3.2% in July.

What they're saying: "Regional differences continue to be striking," Craig J. Lazzara, managing director at S&P DJI, said in a statement. "On a year-over-year basis, the revenge of the Rust Belt continues."

  • The three best-performing metropolitan areas in July were Chicago (+4.4%), Cleveland (+4.0%) and New York (+3.8%).
  • Las Vegas (-7.2%) and Phoenix (-6.6%) were the worst performers.

The intrigue: Quick sales defy mortgage rates that are climbing toward 8% and causing sales to slump.

Between the lines: The dearth of homes for sale is driving much of the speed.

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