Report: Metro Detroit Home Prices Up 4.1 Percent in September
Re/Max's monthly report indicates a 4.1 percent increase in home prices compared to 2016.
Re/Max of Southeast Michigan has released its September housing report, which indicates a 4.1 percent increase in home prices (an average price of $196,250). As the surplus of buyers has outweighed the amount of homes on the market, prices have risen and home sales have decreased by 1.6 percent.
“We need more homes to satisfy the number of buyers in the market. Until that happens we anticipate home values will continue to rise and that most sellers can anticipate a relatively quick time frame to sell their home,” says Jeanette Schneider, vice president of Re/Max of Southeast Michigan. “Buyers need to remain vigilant and ready to view homes and take action when the right home for them becomes available."
Additionally, the number of days on the market has decreased by 7 days, making the yearly average 30 days.
All four counties in the southeast region has experienced a decrease in home sales from Sep. 2016 to Sep. 2017. Livingston County (9.6 percent) and Wayne County (5.2 percent) reported a larger sales decrease than Oakland County (4.9 percent) and Macomb County (4.4 percent).
The median sales price for Livingston County has also decreased in the last year by 2.0 percent, while the other three counties reported an increase in sale prices. Wayne County (8.6 percent) seeing the largest increase, Oakland county sale prices grew from 230,000 to 245,000 (6.5 percent), and Macomb County by 6.4 percent.
Since September 2016, national home sales have decreased by 4.2 percent with a median sales price increase by 2.3 percent, and a seven day decrease of days on the market.