Higbie Maxon Agney is pleased to offer it's 2024 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 2024 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 – 2024:
The real estate market during the past twelve months was an interesting year, filled with many highs and a few lows. The major high was the substantial increase in the average sales price in all five Grosse Pointe cities. As for the lows, well this centered on the limited inventory.

It was also an intriguing year for both buyers and sellers. Buyers had the challenge of unpredictable mortgage rates and having few homes to choose from. For sellers it became apparent they needed to approach the sale of their home with a game plan, and that meant understanding what they could control such as the price, the timing of the sale, and what repairs they needed to make.

During the summer months, generally peak selling season in Grosse Pointe, there were some fabulous homes for sale covering a broad spectrum of price points. Many of these homes sold incredibly quickly due to the lack of competition. And by the end of the year, the number of homes listed for sale in Grosse Pointe was at the lowest witnessed in several years. It became an ideal time to list a home for sale, due to the slight reduction in mortgage rates and the limited competition.

Despite the mixed year we do have some impressive statistics to share:

  • The average sales price in the past 12 months improved in all five cities.
  • The year witnessed a period of growth – 2024 recorded a significant increase in the average sales price – 16.5% - taking the average price of a home above $500,000 for the first time.
  • With a major rise in the average sales price for a Condominium, this has resulted in a staggering 57% increase since 2020.
  • The average price of a multi-family home rose above $400,000 for the first time - an extraordinary increase of 44% since 2020.
  • The most expensive home sold was $4.175m - one of the highest priced homes ever sold in Grosse Pointe.
  • Most sales were recorded during the peak selling season, May through August, while the fall recorded a respectable number of sales compared with previous years - dictated by inventory.

Forecast for 2025:
As you would expect, many questions remain about what the housing market will look like in 2025 - will mortgage rates drop; could inventory increase; can we expect more affordable options?

A wide variety of experts made some significantly different predictions for 2024. However, with regards to 2025 there is a consensus, given the new phase in the American economy, buyers and sellers can expect a welcome change to market conditions over the coming months.

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 2025.

To access the full report please click on the image below.

Posted by Kay Agney on

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