There's a Home Shortage in Metro Detroit's Hot Real Estate Market

April 05, 2021, 8:09 AM

A West Bloomfield home on the market

Anyone searching for a Metro Detroit house knows how frustrating it can be. There's a shortage and many buyers bid beyond the asking price.

JC Reindl of the Detroit Free Press reports:

Demand for houses in metro Detroit is as hot as ever, the inventory supply is very low and sale prices are at all-time highs.

And these same market conditions basically existed before COVID-19, only to be amplified in the frenzied year since the pandemic arrived.

The problem is also that new construction has never fully rebounded since the real estate crash in 2007-09.  Reasons: Michigan hasn't had a population growth spurt, lack of skilled construction workers and lenders' reluctance to bankroll big housing developments on speculation. 

Read more:  Detroit Free Press

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