Top Large Teams in Detroit, Michigan – Ranked by Sides
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2022 Market Summary
Detroit, Michigan started 2022 with a total of 1,146 single-family homes on the market, with a median home price of $65,000 and an average price per square foot of $65. By the end of the year, inventory had increased to 1,844 homes on the market (+60%), with a median home price of $70,000 (+7%) and an average price per square foot of $70 (+7%).
At the start of 2022, the median days on market (DOM) was 70 days – by the end of the year, median DOM had increased to 77 days.
Detroit started the year with 27% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 38% of Detroit homes for sale had taken a price cut.
Finally, Altos’ proprietary Market Action Index (MAI) shows that Detroit started 2022 as a seller’s market, with an MAI score of 39; by the end of the year, the MAI had dropped to 27 – a buyer’s advantage.
This market summary is powered by Altos Research – click here to run a free report for your area.
Latest Posts
Amid rising housing costs, prospective homebuyers are looking to relocate: Redfin
Nov 20, 2023A record 26% of homebuyers are looking to move to a different part of the country, up from 24% a year ago and 19% before the pandemic began, a Redfin report found.
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Bringing the real estate transaction to the end zone
Nov 08, 2023 -
Top team leader Bonneau Ansley on how he is redefining real estate success
Oct 23, 2023 -
Agent strategies for getting first-time homebuyers across the finish line
Oct 20, 2023 -
Real estate brokers focus on value amid commission lawsuit unease
Oct 16, 2023 -
Stakes are high as first buyer broker commission lawsuit goes to trial today
Oct 16, 2023
Housing Market News
2023 was the worst year for homebuyers on record
Dec 08, 2023High mortgage rates, a lack of inventory and elevated home prices have turned 2023 into the least affordable year for homebuyers on record.
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The Fed was wrong about jobs and inflation
Dec 08, 2023 -
Amid housing slowdown, new construction grew most in exurban areas in Q3
Dec 05, 2023 -
FirstHome IQ now has 60 ambassadors boosting financial literacy
Dec 04, 2023 -
Impatient homebuyers are gradually accepting the reality of the housing market: BofA
Dec 04, 2023 -
Pending home sales fall to their lowest level in two decades
Nov 30, 2023
Frequently Asked Questions
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How are real estate transaction sides defined?
A transaction side represents one side of a transaction: the buyer side or the seller side. If an agent represents both the buyer and the seller, the transaction side is counted twice.
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How is real estate sales volume defined?
Real estate sales volume is defined as the total dollar value of all real estate transactions facilitated by an agent or a brokerage. This encompasses the sum of the sale prices of all properties sold, and not the profit or commission made from these sales.
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What are the classifications of team size?
Small: 2-5 licensed agents
Medium: 6-10 licensed agents
Large: 11-20 licensed agents
Mega: 21+ licensed agents
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What time period is the data used in the rankings from?
The RealTrends Agent Rankings reflect the previous calendar year. For example, the 2023 rankings show data from calendar year 2022.
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Additional questions?
View the full Rankings FAQ page here.
Detroit News
The Agency makes its Midwest debut
Mar 28, 2022Global luxury real estate brokerage The Agency announced the opening of its 32nd franchise and its debut in the Midwest, with a new office located in Birmingham, Michigan.
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Investors are buying more, but spending less
Oct 22, 2021