Median home sale prices in Metro Detroit were up nearly 20 percent in February when compared with this time last year, based on a report released today by Farmington Hills-based Realcomp.
“We are seeing some nice increases in those sale prices throughout all of Southeast Michigan,” says Karen Kage, CEO of the multiple listing service. “The highest that we saw of any real substantial amount would be in Wayne County where there’s a 50 percent increase. In the Detroit area, there was a 37 percent increase (in sales prices).”
The average home price for all of metro Detroit was $125,000, up from $105,000 posted last year. Wayne County’s average home price jumped 50 percent, from $53,350 in 2014 to $80,000 this year; Oakland County was up around 9 percent, $165,000 last year to $180,000 in February; and Macomb was up over 9 percent, from $108,000 to $118,000.