It remains a strong sellers market with real estate inventory still limited and the price of homes going up. RealComp CEO Karen Cage tells Michigan News Network the median home sale price has gone up from $208,000 last year to $227,000 this October.
“[It’s] because the inventory is down so much,” Cage said. “Inventory of October of this year is 17,448. Last year at this time, there were 21,916. So, when you see that inventory coming down that much, as we saw this year, that has a direct effect n that median sales price.”
Cage says current inventory levels are among the lowest she has seen. Adding that potential sellers are faced with the dilemma of finding a new home to purchase, if they sell their own property.
