The latest news from our Macomb County Michigan housing market
By: Rick Giese REMAX First
The bottom line is that inventory is extremely low and still shrinking. There aren't enough homes for sale for the number of buyers in our market, and there are a couple of reasons why.
First, sellers are hunkering down. Second, there are a lot of buyers coming into the Macomb County market with these low interest rates. At the moment, we're in the top 10 of most popular area to for buyers in the Midwest. Demand is high and supply is low, which means prices are rising. In the Macomb County area of Michigan, we've seen sales prices go up by 6% to 7% in the past few months.
When I say inventory is low, I mean we specifically have less than two months of inventory. This includes all of Southeastern Michigan as well. A balanced inventory is around six months. If you're thinking of selling but are planning on waiting until the COVID-19 situation clears up, now's a much better time.
Demand is high and supply is low, which means prices are rising.
The homes we're putting on the market "for sale", especially those in the $250,000 -and-under price range, are only lasting a few days on the market. Some are also attracting multiple offers. More and more people want to buy with the record low interest rates.
If you have more questions about our Macomb County Michigan market or are thinking of selling soon, don't hesitate to reach out to me Rick Giese associate broker with RE/MAX First 586.242.3100 or email: firstname.lastname@example.org I'm here to help you.
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Rick Giese REMAX First