Michigan real estate market expected to remain a 'seller's market' in 2022
2022 is expected to remain a seller’s market in Michigan real estate.
High demand and low supply has led to high home sale prices in 2021.
“It’s definitely a sellers’ market,” Rick Sharga is the executive vice president at Realty Trac, which closely follows trends in the real estate industry.
Sharga predicts expected interest rate increases and the rising number of Millennials entering the housing market will continue to drive sales in Michigan’s real estate market in 2022.
One problem: supply. Rising prices are being driven by a smaller than normal number of homes on the market.
“That’s probably doesn’t look like it’s going to change much as we get into 2022,” says Sharga, “Until the home builders can start cranking out a higher volume of properties available it’s going to continue to be a problem.”
Sharga says homebuilders are dealing with supply chain and workforce issues. He doesn’t not expect those issues will be resolved until 2023 at least.