As the spring homebuying season kicks into gear, buyers will have more options than a year ago, but deals may still be hard to come by.

Recent data highlights a housing market in metro Detroit and beyond where inventory continues to expand, giving buyers more options. However, prices are also on the rise, particularly as buyers seek updated, move-in-ready homes, and often pass on the rest.

“It’s very multi-faceted,” local Realtor Austin Black said of the current market.

“Homes that are updated and priced well for the condition are still moving fast and receiving multiple officers, often going over list price,” according to Black, an associate broker in the Birmingham office of @Properties Christies International Real Estate, who focuses on the Detroit and Woodward corridor suburbs. “Homes in good condition but not updated, people are passing on for more updated homes.”

Put another way, the current market in the region is just plain “weird,” according to Detroit-based Redfin agent Desiree Bourgeois.

“Some homes are attracting bidding wars like it’s 2020 again, while others are sitting on the market for weeks with no action,” Bourgeois said in a Friday statement sent by the Seattle-based online brokerage, which this week announced a deal to be acquired by Rocket Companies Inc. in Detroit. “I recently saw one house get 10 offers and sell for $50,000 over the asking price, and the buyer waived their appraisal contingency. Oftentimes, it’s move-in-ready homes in desirable areas that draw competition.”

All told as February ended, there were nearly 17,000 homes on the market around Southeast Michigan, 13% higher than a year earlier, according to data from Realcomp II Ltd., a Farmington Hills-based multiple listing service organization used by many Realtors around the region.

Much of that increased inventory can be attributed to a recent slowdown in sales, typical during Michigan’s winter months, meaning inventory starts to pile up. In total, closed sales around the region declined between 9% and 12% in February from a year earlier, per data from Realcomp and Re/Max of Southeastern Michigan.

“February is typically a slower month for home sales, and that was the case again this year,” Jeanette Schneider, president of the Troy-based Re/Max brokerage, said in a statement. “A mix of several days of measurable snowfall, along with a few cold snaps, prompted some buyers to hit pause on their search. Meanwhile, interest rates, tariff developments and broader economic factors continue to influence the timing decisions of both buyers and sellers to enter the market.”

The increased inventory brings some upside for buyers who have “a little more time for decisions going into the spring market — a benefit last year’s buyers didn’t have,” Realcomp CEO Karen Kage said.

Despite the increase in the number of homes on the market, prices are also up, effectively the opposite of supply and demand.

In February, the median sale price in metro Detroit was $255,000, up 6.3% from a year earlier, per Realcomp data. From January to February, prices ticked up 2.4%. 

The ongoing increases in prices is a reflection of the demand for updated homes, Black said.

For many buyers he’s working with, particularly in areas like Royal Oak, the cost of new construction homes is more than many will bear, so slightly older homes with modern finishes and amenities are finding high demand, Black said. Meanwhile, homes that haven’t gotten a modern upgrade are selling provided they’re priced “appropriately.”

Black added that as he’s counseling sellers who haven’t made updates, he advises against doing so just before they list their home because the upgrades can be costly and there’s no guarantee that the aesthetic choices will resonate with buyers. Rather, he advises focusing on decluttering and investing in good staging of their home for showings.