The Market’s Changing—Here's What It Means for You

Last week I was back on Fox 2 with Ronia Shamoon and the FOX Team to dive into what’s really going on in the Metro Detroit real estate market this Spring—and I wanted to pass it along to you.

There’s been a lot of noise out there lately about home prices, interest rates, and whether or not now’s the right time to make a move—so I sat down to break it all down and talk about what’s actually happening right here in our market.

Here are a few quick takeaways:

– Rates are still in the 6.5–6.75% range, but I expect them to drop mid-2025.

– Sales are slower in the higher price points, but anything between $200K–$600K is still moving fast—often with multiple offers.

– Buyers are still out in force, especially in hot areas like Royal Oak, Ferndale, Troy, Farmington Hills, and across Detroit.

– Detroit itself is on fire. We’ve now had population growth for two straight years, and demand in neighborhoods like Palmer Woods, Grandmont, and Boston-Edison is stronger than ever.

We even touched on some of the incredible things coming to the city— like the new COSM immersive stadium downtown, billions in new waterfront investment, and why over $8 billion in new development is on its way to Detroit by 2030 (and that’s not even including Bedrock projects).

With 24 years of experience helping families buy and sell across Metro Detroit, I’ve seen the market evolve through rising rates, recessions, investor shifts, and everything in between. But my mission has always been to break it down clearly—so you can make smart decisions for you and your family.

But I also want to hear from you:

– Are you wondering whether now is a good time to sell?

– Curious how buyers are adjusting to the rate environment?

– Want insight on where prices are headed next?

Whatever’s on your mind, just reply to this email—I’d love to talk through your questions and help however I can.


Michael Perna
CEO
The Perna Team Real Estate

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