Nationwide, the economy is improving, unemployment is falling, and the U.S. real estate market remains strong as we head into the holiday season, a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones. Although the market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory.

In Washtenaw County, for November 2021, new Listings decreased 21.3 percent for Single Family homes compared to November 2020 and 2.5 percent for Townhouse/Condo homes. Pending Sales increased 20.3 percent for Single Family homes and 74.6 percent for Townhouse/Condo homes. Inventory decreased 51.8 percent for Single Family homes and 54.3 percent for Townhouse/Condo homes.

The Washtenaw County Median Sales Price increased 11.1 percent to $350,000 for Single Family homes and 11.3 percent to $265,000 for Townhouse/Condo homes. Days on Market decreased 21.4 percent for Single Family homes and 35.1 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 54.2 percent for Single Family homes and 64.7 percent for Townhouse/Condo homes.

Across the nation, the most recent data from the National Association of REALTORS® reports the median single-family existing home sales price rose 16% in the third quarter of this year to $363,700, with all four regions of the country experiencing double-digit price growth. In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.

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DMA Real Estate is a team of experienced, licensed real estate agents serving the Washtenaw County, MI metro area. With a proven track record of getting results quickly and a direct line of communication at all times.