Metro Detroit Homes Prices Climb 8.2% in May, Sales and Listings Decline
The median sales price for homes sold in metro Detroit in May rose month-over-month and year-over-year.
The median sales price for homes sold in metro Detroit rose 8.2 percent to $215,975 in May, as compared to $203,213 in April and $199,588 in May 2017, according to a report released today by Re/Max of Southeastern Michigan in Troy.
The report also showed homes sales fell 1.6 percent in May to 4,629 residences, while average days on the market declined to 28 days as compared to 34 days in May 2017. In turn, there was a supply of 2.2 months of homes listed — a supply of six months is considered balanced.
“With increased activity in the market right now, there is substantial competition,” says Jeanette Schneider, vice president of RE/MAX of Southeastern Michigan. “Buyers are encouraged to be pre-approved (for a mortgage) before looking at homes.
She also advised prospective home buyers “have an inspector picked out up front to minimize the days it takes to get your inspection completed, and consider giving sellers longer occupancy to help your offer be more attractive."
On a county basis, the median sales price in May was up 9.9 percent in Oakland ($279,900); up 9.8 percent in Wayne ($134,000; up 7.1 percent in Macomb ($182,000); and up 6.5 percent in Livingston ($268,000). During the same period, homes sales were up 1.8 percent in Macomb (1,043) and up 1.2 percent in Wayne (1,702), while sales declined 6.2 percent in Livingston (272) and 3.2 percent in Oakland (1,612).
Nationally, the median sales price in May rose 7.8 percent to $251,673 (year-over-year), while sales fell 2.8 percent. Days on the market was 46, down five days. The supply of inventory stood at 2.5 months.
The regional housing report is distributed each month on or about the 20th. The data for the local market trends and county-specific data trends included in the report is based in whole or in part on data supplied by boards of realtors and their multiple listing services.