Grosse Pointe Farms's real estate market is experiencing a price correction, with values down 19.8% from last year. Home prices have decreased 49.8% in the past month. At the current pace, all available homes in Grosse Pointe Farms would sell out in just 1.6 months, indicating a continued supply shortage. Properties are selling within just 16 days on average, much faster than the historical norm of 63 days. A significant 36.4% of listings experienced price reductions, indicating sellers may be adjusting to market realities. The majority of homes (57.1%) sold above asking price, a clear sign of competitive bidding. Affordability remains a significant challenge in the Grosse Pointe Farms market with the affordability index at 215.2. Looking ahead, the Grosse Pointe Farms market is expected to maintain its current trajectory with relatively stable conditions.