Metro Detroit real estate market finally calming down

The housing market begins to calm down after the spring shopping spree

It’s still a seller’s market, but the housing market in Metro Detroit is calming down.

DETROIT (FOX 2) – After a spring turmoil that resulted in homes showing dozens of listings in a matter of days, the Metro Detroit property market is slowly calming down.

“It was very different because of COVID and we had such a big booming seller market,” said broker Leslie Mihalak.

Some areas are still seeing the demand that was there in the spring, such as lakeside land and homes in walkable areas, but the number of supply going into homes has decreased.

In the spring, some houses received 30-40 offers. Jeanette Schneider, the president of Remax in southeast Michigan, said there were now about 5-7 offers.

Continue reading: What is a seller’s market and what is causing a housing shortage in Metro Detroit?

“We may still have more in some cases, but it’s not the frenzy like it was back in the spring,” she said.

In the spring, several factors, including housing shortages, led potential buyers to believe they would be missing out if they didn’t try to buy at the time.

“The emotions have calmed down a bit,” said Schneider.

Related: How to prevent buyer’s remorse in a seller’s market

She believes that returning to normal also helped relax the emotions.

While the market is changing, there is still a housing shortage. According to Freddie Mac, there was a shortage of 2.5 million homes in 2018. This year there is a stock shortage of 4 million houses.

However, interest rates are still low and it doesn’t look like they will rise much in the near future.