Higbie Maxon Agney is pleased to offer its 2023 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 2023 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.
Market Summary – 2023:
The real estate market over the past twelve months was an unusual period in history in that sellers derived the benefit from high prices, while buyers were presented with the opportunity to negotiate terms.
In negotiating terms with sellers many buyers were able to ask the seller to pay closing costs, pay for repairs, and/or improvements. Other benefits buyers took advantage of was the ability to negotiate the price. For sellers, it was a period when they needed a competent sales team to present their home to ensure they received maximum value for their property.
Prior to the beginning of peak selling season inventory remained low, which resulted in residential sales, during the first half of the year, being slightly lower than expected. However, the positive news in Q1 was the median sales price increased in all but one of the Pointes.
During the summer months the housing market continued to remain unpredictable. While many homeowners opted to sit tight and ride out the market conditions rather than list their property for sale, numerous homes priced below $500,000 sold incredibly quickly.
As the year came to an end the number of homes listed for sale in Grosse Pointe was at the lowest number witnessed in several years. But it also became an ideal time to list a home for sale, due to the slight reduction in mortgage rates and limited competition.
Allow us to give you a few of the more interesting statistics:
- The average sales price improved in three out of five cities. Overall, the total Grosse Pointe residential average price has increased 29% since 2019.
- The average price in the Farms approached $600,000, an incredible increase of 39% since 2019.
- In the Woods, the average price came close to $350,000. The price continues to increase each year, with an 30% gain since 2019.
- Most sales were recorded during the peak selling season, May through August. The fall had fewer sales than in previous years, in part due to lower inventory and higher mortgage rates.
Forecast for 2024:
A wide variety of experts have made significantly different predictions for 2024, but one thing they do agree on is that the supply of homes for sale will remain limited for the foreseeable future. However, that may change if mortgage rates dip - “Retreating mortgage rates will bring more buyers and sellers to the market and get Americans moving again,” says National Association of Realtors chief economist Lawrence Yun.
All being well, more homes will come onto the market soon, be it lake front estates, modern ranches, family homes, vacant land, or historic mansions. Buyers are out there and are ready to move.
Grosse Pointe remains a highly desirable neighborhood with tremendous schools, healthcare, beautiful parks, and compared to many communities in southeastern Michigan, offers affordable homes with an excellent return on real estate investment(s).
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 2024.
To access the full report please click on the image below.Kay Agney on