Detroit, MI home prices and housing market

Detroit home values just fell nearly 5 percent in a year, and sellers are still asking like it never happened. If you are thinking about selling this year, here is what that gap means for you. The typical Detroit home is now worth about eighty-seven thousand dollars, down from a year ago. But the median listing is asking about one hundred thirty-five thousand dollars, roughly forty-seven thousand dollars above that. Some of that gap is just the mix of homes on the market, but a lot of it is sellers pricing off a market that no longer exists. There are about two thousand six hundred fifty homes for sale right now, plus about 850 new listings this month, so buyers have plenty to choose from. And here is the tell. The typical home is taking sixty-one days to sell, yet only about 16 percent of listings have cut their price. Most sellers would rather wait than adjust, and waiting is exactly how a listing goes stale. If you sell, price off what your home is worth today, not last year's number, and you can move while the overpriced ones sit. Find out what your home is worth right now with a free estimate at Home Value Pros dot com.