Are Houses Taking Longer to Sell in Chelsea, Dexter, and Saline?

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By Jeff Roth, www.arboradvising.com

Are Houses Taking Longer To Sell?

Average days on market increased by 20.6% for single-family homes and 66.7% for townhomes/condos for Washtenaw County.

With interest rates being up from this time last year, days on market are climbing for all three communities, but median prices are holding up better than Washtenaw County on average. Part of the reason prices are holding up is the lack of new listings because so many homeowners have 3-4% mortgages and are reluctant to sell, with rates being double if they move.

What Are Interest Rates Doing?

Rates on 30-year fixed-rate mortgages have averaged between 6-7% recently.

Currently, they are about 6.42%.

How are Prices Holding Up?

Median sales prices are up for all three communities.

As a comparison, median sales price decreased 1.7% for single-family homes and 0.3% for townhomes/condos across greater Washtenaw County.

How Did Sales Data Compare From January to February 2023?

New listings are up for all three communities, days on market have also increased as well the median sales price.

We will have to see how things unfold through the traditionally strong spring season with interest rates, inventory levels, and days on market.

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