The Dearborn and Dearborn Heights market – superheated like much of the overall residential real estate market for more than a year – is cooling off.
But not much — at least not yet.
Sales for the combined Dearborn-Dearborn Heights market in May topped the year-earlier month by half a percent, according to Realcomp II Ltd. Separately, the Re-Max Housing Report showed a decline of 0.6%.
“Is it bad? No? Is it moderating? Yes,” said Robert Marx president of the Dearborn Board of Realtors and an agent for Century 21 Curran & Obserski on Ford Road.
Marx and others say the real estate market is less volatile these days as buyers and sellers digest still-unfolding changes in interest rates, consumer prices and other economic indicators.
Yes, it’s still a highly competitive market with deals distinguished by many showings and multiple offers, often above the asking price.
But the market is becoming more manageable, if still highly active.
“We are…
