August 25' Market Report
Heading Into Fall:
Strong Buyer Interest, But More Selective Market
Through the first seven months of 2025, Southeast Michigan sales volume is essentially flat compared to last year, with closings down 2% but average sale price up 5%. Beneath those headline numbers, though, the underlying activity trends are pointing toward a cooler second half of the year.
Showings remain strong, particularly at the higher end. Across all price ranges, buyer showings are running 6% ahead of last year and more than 20% higher than 2023. For homes priced over $750k, showing activity is up an impressive 22% versus 2024, underscoring the depth of demand in the upper tiers.
New listings, however, have not kept pace. Year-to-date, they are down 5% from 2024 and remain well below pre-2022 levels. July’s new listing count fell 7% below last year, marking the third straight month of flat or declining supply. That imbalance has kept competition elevated, with 61% of July closings still selling at or above asking price.
At the same time, price reductions are beginning to rise. After bottoming in May, the share of listings with reductions has ticked upward each month. Days on market also bottomed at 23 in June and are expected to climb through the remainder of the year. Together, these signals suggest that buyers are becoming more selective and that urgency is easing.
Looking ahead, the market should continue to move at a healthy pace, but conditions will feel more balanced. Showing activity confirms there are plenty of motivated buyers, yet tighter affordability and seasonal slowing will mean fewer bidding wars. Agents should prepare sellers for longer market times and the likelihood of price adjustments as we head into fall.