Blog > Housing Report > Southeast Michigan > Southeast Michigan November 2020

Southeast Michigan November 2020

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6,270

Available Listings
-5% from last month

5,382

New Pendings
-3% from last month

40,069

YTD Closed Sales
-4% from last year

$259K

YTD Avg Sale Price
+9% from last year

$147

YTD Price Per Sq Ft
+6% from last year

Summary

November active listings are down 51% from 2019 and will remain low heading into 2021. Low inventory continues to be a leading driver in rising values, year-to-date average sale price is up 9% over last year. Competition among buyers looks to remain strong with new pendings still ahead of last year by 14% (slight seasonal drop of 3% month-over-month). While all price ranges remain competitive, none more so than homes priced between $150k-$250k with months supply of inventory only 0.6 months. First time home buyers may need to be aggressive to find a home before the end of 2020.

Monthly Activity

Monthly Activity

ListingsChangeNew PendingsChangeMonths SupplyChange
All6,270-5%5,382-3%1.2-2%
$10k - $150k1,723-1%1,454-2%1.20%
$150k - $250k1,063-7%1,670-3%0.6-4%
$250k - $500k2,024-3%1,804-3%1.10%
$500k+1,460-10%454-4%3.2-6%

YTD Closed Activity

YTD ClosedChangeYTD $/SFChange
All40,087-4%$1476%
$10k - $150k10,958-22%$832%
$150k - $250k12,233-3%$1404%
$250k - $500k13,8479%$1564%
$500k+3,04917%$2091%

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