The best time to buy a house in Metro Detroit is soon
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Calling Metro Detroit house hunters! Oct. 4-10 may be the best week of the year to buy a home, according to a new Realtor.com report.
Why it matters: In Metro Detroit, shoppers are likely to find nearly 22% more homes for sale that week than the average week, and face less competition than in spring and summer, per the real estate site.
- Plus, listing prices should be down nearly 9% from their seasonal high, with slightly more price reductions than usual.
Yes, but: Mortgage rates near 7% and stubbornly high prices continue to sideline many.
What they're saying: "Home shoppers heading into fall will find an opportunity that has been hard to come by in recent years: more choices and less urgency," Realtor.com senior economist Hannah Jones said in a press release.
- "As we enter the fall months, we typically see a final push from motivated buyers before activity begins to slow by year-end," Jeanette Schneider, president of REMAX of Southeastern Michigan, said in an emailed statement.
Zoom in: Metro Detroit's median home sale price was $337,500 last month, up 1.5% from last August, according to REMAX.
- Median sale price varies greatly in the region: $395,000 in Oakland County, $280,000 in Macomb County, $230,000 in Wayne County and $92,500 in Detroit.
The fine print: Realtor.com analyzed several years of seasonal housing data, including listing prices and inventory levels, to determine the best week to buy a home nationally and in the 50 largest U.S. metros.
- Mortgage rates weren't included.
The bottom line: Buyers may get a little more breathing room this fall — if they can clear the affordability hurdle.