Inventory Is Down, Price Cuts Are Up, and SE Michigan Is Caught in the Middle

The National Picture Is Messier Than the Headlines Suggest

Nationally, active inventory sits around 1.54 million homes with roughly 4.6 months of supply, which is technically a balanced market. But price cuts are creeping back toward 2025 levels in many metros, and the July jobs report came in soft. The Fed may hold rates steady or cut sooner because of it, which would push mortgage rates down incrementally. None of this is a dramatic shift, but it does change the math slightly for people who have been sitting on the sidelines waiting for rates to move.

What SE Michigan Prices Are Actually Doing Right Now

The spread across our four core counties tells you a lot about how different these local markets really are. Washtenaw County is sitting at a $443,567 median for single-family homes, Oakland is at $392,699, Livingston is at $416,030, and Wayne County is at $174,027. That Wayne County number reflects the full range of communities in the county, from Detroit neighborhoods still in various stages of recovery to stronger suburban pockets. The point is that quoting a single regional number is almost meaningless here. The market you are buying or selling in depends entirely on which county and which specific area you are in.

Price Cuts Are a Real Signal, Not a Crash

The national trend toward more price reductions is worth paying attention to, but it does not mean the market is falling apart. What it usually means is that some sellers are still pricing based on what their neighbor got in 2022, and buyers are not biting. Overpriced listings are sitting. Well-priced listings are still moving. That dynamic is playing out in Michigan too. If you are a seller and your home has been on the market more than two or three weeks without serious activity, the price is almost certainly the issue, not the market.

What to Do With All of This Right Now

If you are buying, a potential rate hold or cut in the near future is encouraging, but waiting for perfect conditions has a cost too. Inventory is still historically low even with modest improvements. If you are selling, the window to price aggressively is narrower than it was two years ago. Buyers have more options than they did and they know it. Price it right from day one, or plan to chase the market down. That is the straightforward reality in SE Michigan heading into fall.