Canton, Michigan has become an attractive Detroit suburb because of its convenience to major highways and the Detroit Metropolitan Airport, its sense of history and community, and its great local schools. Many Canton home buyers want to live in this vibrant community, and the demand for popular homes and neighborhoods lets many Canton home sellers earn top dollar for their homes.
If you’re interested in buying or selling a home in Canton, researching current real estate conditions is one of the best places to start. Let’s take a look at the latest real estate market conditions in this area.
What is “Months of Supply” Data and Why Do We Use It?
You may have heard people talk about a “buyers’ market” or “sellers’ market” when talking about Canton real estate. A buyers’ market is when there are too many homes on the market and not enough buyers (often causing lower prices because homes are harder to sell), while a sellers’ market is when there are too many buyers and not enough homes (often causing higher prices because homes are harder to find).
The way we determine whether it is a buyers’ market or sellers’ market is through months of supply. When we look at how many homes are available compared with how many have sold in the past, we can figure out how many months it would take to sell off all of the homes currently listed on the market.
Months of Supply for Canton Michigan Real Estate
For example, there are currently 279 total homes for sale in Canton. In the past 30 days, 147 homes have sold. If we divide the number of homes for sale over the number of homes that have sold recently, we get about 1.9 months of supply. That means it would take just 2 months to sell all of those 279 available homes. We would call this a sellers’ market.
Let’s Focus on Canton’s Sub-Markets
Figuring out whether it’s a buyers’ or sellers’ market for all Canton real estate is a great start, but you can find out more about Canton’s real estate market through its smaller neighborhood markets and demand for popular home features.
Let’s look at the sub-market for new construction homes, for example. There are currently 85 new homes for sale in Canton, while just 11 homes have sold in the past 30 days. That gives us about 7.7 months of supply. Since a sellers’ market is typically less than 6 months of supply and a buyers’ market is typically more than 8 months of supply, the market for new construction homes in Canton is more neutral.
Check out the market conditions for these popular home searches in Canton:
- Homes with pools: 1.5 months of supply (12 available homes and 8 sold in the past month)
- Homes with walkout basements: 2.25 months of supply (9 available homes and 4 sold in the past month)
- Homes in golf course communities: 1.33 months of supply (8 available homes and 6 sold in the past month)
- Homes on 1+ acres: 4.33 months of supply (13 available homes and 3 sold in the past month)
Thinking of Buying or Selling? We’ve Got Answers!
It can be scary to think about finding the right home or putting your home on the market. You probably have questions about the home buying or selling process. We have the answers you need — no strings attached. Please reach out to us at team@bittinger.com or (734) 459-2600. You can also attend our weekly real estate chats, which are every Thursday night at our office in Canton.
No strings. Just honest answers. It’s all about you!
Until next time,
Noel
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