"In December, Detroit's real estate market experienced a remarkable surge in active listings, boasting a 22.9% rise compared to the same month last year. This was far beyond the national increase of 12.1%. While the newly listed count in Detroit dropped by 11.8% year-over-year, contrasting with the national decline of just 1.8%, this dynamic created a landscape ripe with choice for eager buyers, as the overall inventory was swelling with options."
"The median listing price in Detroit took a slight dip of 3.4% from the previous year, settling at $100,950. This decrease was more pronounced than the national reduction of 0.6%. With a higher share of price reductions at 14.9%, up by 4.0 percentage points from the previous year, buyers found themselves in an advantageous position to negotiate favorable deals, reflecting a market where their influence was palpable."
"Homes in Detroit spent a median of 66 days on the market in December, showing an 8.6% increase from the previous year. However, this was still shorter than the national median of 73 days. The extended duration for homes to sell, coupled with the rising inventory and fewer new listings, presented buyers with a unique window to explore and deliberate on their investment decisions with confidence."
Detroit's active listings rose 22.9% year-over-year in December, exceeding the national increase of 12.1%. The newly listed count fell 11.8% year-over-year compared with a national decline of 1.8%, contributing to an expanding overall inventory despite fewer new entries. Median listing price declined 3.4% to $100,950, a larger drop than the national 0.6% reduction, and price reductions climbed to 14.9%, up 4.0 percentage points. Homes spent a median of 66 days on market, an 8.6% increase though still shorter than the national median of 73 days. Buyers gained negotiating leverage while sellers needed more strategic pricing and marketing in a competitive environment.
Read at SFGATE
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