HomeAnn ArborAnn Arbor Real EstateThere Are Signs of a Shift in the Michigan Housing Market There Are Signs of a Shift in the Michigan Housing Market How is the housing market looking in Michigan? See what this fall holds. Want to Buy a Home? Search All Homes Want to Sell a Home? Get a Home Value Report As real estate and its prices are always changing, it’s always a good idea to keep up to date. So today, we’ll bring you the fall market update for the Michigan area. There are more single-family homes coming on the market, up 8.9% from 358 to 390 year to year. The number of year-to-year sales is down 18.1% from 315 to 258. However, the average sales price is up to $308,080 from last year’s $299,788—an increase of 2.8%. The average days on market has improved from 32 days last year to 25 days this year. Things can change so gradually that many people do not notice. To see if shifts are occurring in the market, it’s important to watch for accurate data in your price range. “ Things can change so gradually that many people do not notice. ” Sellers could be chasing prices down, so the question for many is if they should wait until spring to sell a house. It depends on what you think is going to happen in regard to elections, the economy, and interest rates. What happens to prices when rates go up? There may be a relationship. According to the National Association of Realtors’ national media manager, if you have rising interest rates over a longer period, then you’ll see a weaker demand. In this case, you may see price appreciation slow down. Keep in mind, today’s interest rate for an adjustable mortgage is 4.25% and 5.15% for an annual percentage rate. If you have any questions or would like some more information, feel free to give us a call at (866) 696-8447. We look forward to hearing from you. Written by Kathy Toth on October 19, 2018. Posted in Ann Arbor Real Estate, Market UpdatesTags: Ann Arbor, Market Update, Michigan, Real Estate Trackback from your site. Leave a Reply Click here to cancel reply. Name (required) Email (required) Website Comment Submit Comment About our blog Follow our YouTube Channel and +1 us on Google Plus! CategoriesCategories Select Category Additional Resources Ann Arbor Ann Arbor Area Real Estate Ann Arbor Real Estate Buyer Tools Chelsea Coming Soon Collection Community Spotlight Company Info Dexter Community Dexter Real Estate Home Buying Home Owning Home Selling Home Value Information Insurance Insurance Tips Join Our Team Market Updates Market Updates Neighborhoods New Website Features Open Houses Parks Real Estate School Information Schools Scio Township Seller Tools Technology Things to Do Uncategorized Archives Archives Select Month November 2019 October 2019 September 2019 July 2019 May 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 August 2018 July 2018 May 2018 April 2018 March 2018 January 2018 November 2017 October 2017 June 2017 April 2017 March 2017 September 2016 August 2016 July 2016 June 2016 May 2016 April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 October 2015 September 2015 August 2015 July 2015 June 2015 May 2015 April 2015 March 2015 February 2015 January 2015 December 2014 November 2014 October 2014 September 2014 August 2014 July 2014 June 2014 May 2014 April 2014 March 2014 February 2014 January 2014 December 2013 November 2013 October 2013 September 2013 August 2013 July 2013 June 2013 May 2013 April 2013 March 2013 February 2013 Contact Us Now First Name Last Name Email Address Phone Number Message Any questions, comments, or feedback Submit Now!