Metro Detroit homebuyers frustrated with red hot housing market

Posted: 5:56 PM, Apr 19, 2017
Updated: 2017-04-20 16:45:38-04

Mike Komives and his wife are shopping for a new home. A year ago, they settled on this West Bloomfield house, but now they’re looking to make move closer to their parents as they embark on having a family.

But, shopping for a new abode isn't easy easy in metro Detroit. New homebuyers are facing a tough market with high prices and few homes for sale.

According to Farmington Hills based Realcomp Ltd, on-market listings in the four county region fell by 44 percent in March 2017 compared to a year prior. In short, demand is high, inventory is low and it's pushing up prices.

Eric Walstrom of Alexander Real Estate says it has everything to do with people - a higher population as the economy improves, and baby boomers who are choosing to stay put.

If you can wait, realtors suggest you wait until summer or fall when more homes will likely be on the market.