Nik Rajkovic / news@whmi.com

Some good news, bad news on the housing front across Southeast Michigan last month. According to data firm Realcomp, the number of homes on the market was up 13-percent compared to February 2024, but pending sales and closed sales were both down just as much.

"With closed sales being down, that leaves more homes on the market. So, going into the spring market, the really busy time, there will be more opportunities for buyers than they had in the past," says Karen Kage, CEO of Realcomp.

However, home prices continue to rise, especially in Livingston County, where the year-over-year median sales price for February was up 11-percent, at $387,500.

"As long as those prices are going up, of course the sellers are very happy with that. But it makes it really hard on the buyers who are trying to make that transaction that they've been waiting to make," Kage added.

Despite a growing inventory, Kage believe market factors such as interest rates, are still keeping would-be homebuyers on the sideline, waiting for rates or prices to come down.

Realcomp's February report is attached below.