Is There a Real Estate Market Crash in Chelsea, Dexter, and Saline?


By Jeff Roth,

If we listen to the national news media, there is a housing crash. While there may be a correction in some more cyclical markets nationally, it is not the case locally.

There is still strong demand for housing in Washtenaw County but the real estate market has become more balanced. There is a balance between buyers that don’t want to pay more than they need to with mortgage rates being double what they were a year ago at 6.12%
currently and sellers who have mortgages in the 2-4% range who worry they won’t be able to get the same house with a similar payment.

As a result, new listings in Washtenaw County are down 7.1% for single family homes and 28.9%
for townhomes/condos according to recent data released by the Ann Arbor Area Board of Realtors. Further, median sales price decreased 4.1% for single family homes and 8.4% for townhomes/condos in Washtenaw County.

Homebuilder confidence, an indicator of future new supply of properties for sale in addition to existing-home sales, also increased for the first time in a year.

The story locally in Chelsea, Dexter and Saline is a lack of inventory which is putting upward pressure on median sales prices.

We will have to keep an eye on interest rates, new listings and days on market as the year progresses but anticipate the median sales price to end higher for all three communities by the end of the year because the fundamentals still support that.

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