Detroit, MI housing market

Homes in Detroit are sitting for nearly two months before selling, and that one number frames this whole market right now. The typical home here is worth about ninety-one thousand dollars, up just 0.4 percent over the past year, which is basically flat. But the median asking price is around one hundred twenty-nine thousand dollars. That gap, roughly thirty-eight thousand dollars between what sellers are asking and what a typical home is actually worth, explains a lot. With about two thousand five hundred homes for sale right now, buyers have plenty to look at and no reason to chase. About 18 percent of listings have already cut their price, and at 57 days on market, the homes priced too high are the ones sitting longest. If you are selling in Detroit this summer, the lesson is clear: price to what homes are actually worth, not to what you hope to get. Sellers who do that still move. Sellers who shoot high end up waiting, then cutting. For a number that reflects today's Detroit market, get a free home value estimate at Home Value Pros.