Top Medium 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.

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    Pending home sales in October fell to their lowest level since 2001 as mortgage rates hit 8%. Still, the Northeast posted a monthly gain in transactions.

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    The Agency makes its Midwest debut 

    Mar 28, 2022By

    Global 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.