You are very accurate. I live in very upscale Bloomfield Hills, right on the 18th hole of a Golf Course, and in my neighborhood alone there are seven empty/for sale homes. My neighbors home has been on the market for three years and started out at $700,000 and is now offered at $350,000 and still no takers. To boot, a large portion of the other homes are occupied by 70 plus year old retirees who spend half the year in Florida. This does not bode well for the market as these people age and need to put their homes into this very soft market.
I do not expect a turnaround any time within the next several years. My advice to someone your age is to go South or West unless there are overriding reasons to stay in this area.
All the best. Tcats