Recent numbers show where patience helps and where it starts costing you.
If you are thinking about selling, moving to something smaller, and waiting for an even better price, I would be careful with that plan. The better rule is to act when your home fits current demand, not when you are hoping the market will hand you extra leverage.
Looking at the latest numbers, the clearest signal was $365,000 a typical sold price was $365,000 last month in Farmington Hills, MI. At the same time, a typical estimated home value stood at $405,360, with a 0.2% change from the month before and a 4.7% change over 12 months. That matters because owners often anchor to broad value figures, but buyers write offers against current competition and recent closings.
A typical asking price among newly listed homes was $369,900 last month, while the typical asking price among active homes was $359,500. The practical impact is that pricing windows are tight. You do not have a wide gap between where homes are being introduced, where active competition sits, and where sales are actually closing. In that kind of setup, chasing an aspirational number can cost time.
If you are downsizing, I would answer the main question this way should you wait for more, or make the move while you still have leverage? My read is to make the plan around the current seller-friendly setup, not a guess about what comes next. Supply was 1.53 months last month, which is low, but active homes still spent a typical 46 days on the market and closed homes took 37 days. That is not a license to drift. It is a signal to be deliberate.
This changes your plan because hesitation has a cost. In the previous 30 days, only 26 homes closed, down 40.9% from the month before, while active listings climbed to 113. I would not stretch your asking price just because supply remains low. Decide your walk-away number before you list. Map out your next housing step before showings start. If reducing upkeep is the goal, use this window to trade complexity for certainty.
One more point matters for families managing a move and for estate situations alike. Pending homes were going under contract in a typical 7 days last month. That is fast. Be ready before you list, not after interest shows up. Have your move timeline, cleanout plan, and paperwork in place so a strong offer does not turn into a scramble.
