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Metro Detroit home prices expected to rise as competition brews

Metro Detroit home prices expected to rise as competition brews
  • Inventory was down year-over-year nearly 30 percent in March
  • Prices up 4.6 percent
  • Options could become more constrained for first-time buyers

Real estate experts anticipate “for sale” signs to populate lawns in larger numbers during the second quarter of this year, but not enough to satisfy incessantly growing demand.

Realcomp Ltd. II data on metro Detroit’s housing market released Thursday morning shows inventory was down year-over-year nearly 30 percent in March, matched by a 4.6 percent rise in median sales price. Livingston County saw prices spike 18.6 percent on the month, followed by Wayne County with a 15.6 percent increase.

Combined with an unemployment rate that hovers about 5 percent in Southeast Michigan, according to the U.S. Bureau of Labor Statistics…

Continue reading full article on at Crain’s Detroit Business.

TYLER CLIFFORD, Crain's Detroit Business