The real estate market is hot right now in Michigan, with listings getting multiple offers and selling for over the asking prices in just days. In many Michigan communities, the pace of sales is hitting a record: in the Dearborn area in June, homes stayed on the market for 13 days, down from 28 the year before, according to real estate data service Realcomp.
This trend in Michigan is mirrored nationwide. The national market reached what the National Association of Realtors called “crisis-level” this year. The study, called "Housing is critical infrastructure", found that the U.S. is in the midst of an "underbuilding gap" of around 6 million housing units dating back to 2001.