Higbie Maxon Agney is pleased to offer its 2022 Grosse Pointe Real Estate Annual Report. Within this report you will find information on average sale prices, sales volume, real estate trends, and much more.
Our goal is to give you an accurate and complete picture of the 2022 Grosse Pointe housing market. All the graphs were produced internally for Higbie Maxon Agney using MiRealSource multiple listing service. We are confident that these are the best statistics currently available on the Grosse Pointe housing market, and we hope that you will find the contents of this report readable and useful. Over the coming months we will use this information to help our clients make informed, educated real estate decisions.
2022 was a fascinating year for real estate in Grosse Pointe. During the past twelve months, homes sold at a considerably higher average price than in previous years, the number of sales (in all cities) was marginally lower, while the market transitioned from a seller to a buyer’s market during the late fall. A few of the more interesting statistics are:
- The average sales price improved in all cities. Overall, the total Grosse Pointe residential average price has seen a 30% increase since 2018.
- The majority of sales were recorded during the peak selling season, May through August, while the fall recorded fewer sales than in previous years.
- The luxury market sector (homes sold at $1 million or greater) recorded significantly more sales in 2022 than over the past eleven years – rising from 5 to 46.
- The average price in both the City, and the Shores broke new boundaries in 2022 – rising to over $500,000 (in the City), and $800,000 (in the Shores) respectively.
Forecast for 2023:
Despite higher mortgage rates, 2023 has the potential to be a positive year. At the time of writing the market is ever changing. One of the significant developments over the past few months is buyers now have a lot more leverage when negotiating with sellers in terms of asking for the seller to pay closing costs, pay for repairs, or improvements. Other benefits buyers could take advantage of is the option to negotiate on price. 2023 will also be a year when sellers are going to need a competent sales team to present their home in the best light to ensure they receive maximum value for their home.
If you have any questions, would like to list your home, need assistance buying one, or require an up-to-date market evaluation please don’t hesitate to contact one of our experienced agents.
We look forward to assisting you with any real estate needs you may have in 2023.
To access the full report please click on the image below.
Leave A Comment