🏠 Here's the one problem with the housing market...

Since March of 2008, I’ve thought about the Metro Detroit real estate market every single day. I’ve studied every new listing, every price cut, every pending deal, every closing, every expired and canceled listing for the last 17 years.

And when you study one subject that closely for that long, you start to notice things most people miss.

Here’s what I’ve noticed recently:

Sales didn’t drop in 2024. They flatlined. We ended the year almost identical to 2023, right around 50,000 homes sold. But that’s still down more than 25% from 2022 and nearly 17,000 fewer sales than in 2021.

Now, in 2025, we're not bouncing back. We’re on pace to fall even lower, unless something shifts soon.

Why?

Because sellers and buyers still haven’t come to terms on what homes are actually worth.

Sellers are still pricing too high. Buyers are still offering too low. And the result is fewer homes changing hands.

That’s why sales stagnated in 2024. And that’s why 2025 is shaping up to be the most pivotal year we’ve seen in a while.

Yes, some buyers are overpaying. This means some sellers are getting paid BIG.

Yes, some sellers are selling too low. This means some buyers are getting great deals.

Yes, some homes are not selling. If you price too high, the home won't sell, and 180 days will go by in the blink of an eye.

We are in a flux moment. It's that simple. I predict we will find equilibrium in the next 6 months.

As a buyer I like uncertainty in pricing because I can find those great deals.

As a seller I like uncertainty in pricing because I can sell for more than market value.

If you want to list and attempt to achieve a great price go to MetroDetroitHomeValue.com

Michael Perna
CEO
The Perna Team Real Estate

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248-494-4698 | 39475 W 13 Mile Rd #103, Novi, MI 48377 | ThePernaTeam.com