Asking Prices Are Falling and Jobs Are Softening: What That Means for SE Michigan Right Now

Prices Are Softening Nationally, But SE Michigan Is Holding Its Own

Realtor.com's June report showed asking prices falling at a record annual pace nationwide. Case-Shiller data confirms home values have dropped in real, inflation-adjusted terms for eleven straight months. That sounds alarming, but context matters here. Southeast Michigan never saw the same speculative price explosion that coastal markets did, so the correction hitting those areas is hitting us differently. Washtenaw County's median sits at $439,896, Oakland County at $389,141, and Livingston County at $411,337. Wayne County at $171,455 tells a different story about what affordability actually looks like across the region. These numbers aren't crashing. They're leveling.

The Jobs Number Should Be on Your Radar

The June jobs report was weak. Only 57,000 payrolls added, with April and May revised down a combined 72,000. Unemployment sits at 4.2 percent. For Michigan buyers, this matters because a softening labor market affects mortgage qualification, consumer confidence, and how urgently sellers price their homes. If buyers start pulling back due to economic uncertainty, sellers who are already competing with rising inventory nationally will feel that pressure. Right now we're not in freefall, but this is not the time to overprice a listing and wait it out.

The Compass-MLS Situation Is Worth Watching

Consumer watchdog groups have formally asked the FTC and DOJ to investigate Compass's deals with multiple listing services, specifically around off-MLS pocket listings. The concern is that keeping listings off public MLS platforms limits competition and disadvantages buyers who rely on full market transparency. Nothing has been decided yet, but if regulators move on this, it could reshape how listings get marketed and shared across the country, including here. For buyers especially, working with an agent who puts your access to the full market first is not a small thing.

What to Do With This Information Right Now

If you're selling in SE Michigan, the window to test a high price and wait for offers has gotten narrower. Buyers have more options than they did a year ago and a shakier economic backdrop giving them reason to hesitate. Price accurately from day one. If you're buying, the combination of softening asking prices and a slower job market is actually creating some room to negotiate that didn't exist in 2022 or 2023. Get pre-approved, know your numbers, and pay attention to how long homes are sitting before you make an offer.