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The U.S. housing market is experiencing dynamic changes, offering new opportunities for both buyers and sellers. According to the National Association of REALTORS® (NAR), existing-home sales have adjusted to a seasonally adjusted annual rate of 4.19 million. While there was a slight 4.3% decrease from the previous month, this shift opens up new possibilities for savvy buyers to find their dream homes.




Mortgage Rates and Sales Prices

In recent weeks, average 30-year mortgage rates have hovered around 7%, presenting a unique landscape for home financing. The median existing-home sales price has risen to $393,500, reflecting a 4.8% month-over-month increase. This growth indicates a robust market with strong value appreciation for homeowners.


Washtenaw County Market Highlights


In Washtenaw County, new listings for Single Family Residence homes have surged by 9.6%, providing a wider selection for potential buyers. Although Condominium home listings saw a slight decline of 3.6%, the market remains vibrant with numerous opportunities.

Pending Sales showed a mixed picture, with a 35.3% decrease for Single Family Residences and a 17.0% decline for Condominium homes. However, the decrease in inventory by 2.5% for Single Family Residences and 10.1% for Condominiums suggests a competitive market, ideal for sellers.

Price and Market Dynamics


The median sales price in Washtenaw County has shown a healthy increase, rising by 0.4% to $452,000 for Single Family Residences and an impressive 12.9% to $319,851 for Condominiums. Days on Market decreased significantly, down 35.8% for Single Family Residences and 39.0% for Condominiums, highlighting a fast-moving market where homes are selling quicker than before.



Inventory and Buyer Activity


Warmer temperatures have encouraged more sellers to list their properties, enriching the market with additional options during the spring buying season. Overall inventory has increased by 4.7% month-over-month and 14.4% year-over-year, translating to a 3.2 months’ supply at the current sales pace. Despite this increase, demand continues to outstrip supply, with homes typically spending just 33 days on the market nationwide, down from 38 days the previous month.


These positive trends indicate a vibrant and dynamic real estate market, presenting numerous opportunities for both buyers and sellers to achieve their real estate goals.

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