Although metro Detroit home sales have dropped a little bit in March from the same period last year, prices are going up, according to the Re/Max Housing Report.
In metro Detroit, 3,523 homes were sold in March of this year, an 8.4 percent drop compared to March of 2017. However, the median sales price rose to $201,350. That’s up 10.5 percent from $182,238 compared to the same time last year. Even more remarkable, the median home sales price rose more than $20,000 since February of this year.
The increase in price can be contributed to a nationwide housing shortage. In Livingston, Macomb, Oakland, and Wayne counties, there is just a 1.8 month supply of housing. According to Re/Max, a six month supply is considered balanced.
“Homebuyers are advised to exercise patience and persistence,” says Jeanette Schneider, vice president of Re/Max of Southeastern Michigan in Troy. “The pattern of limited housing supply and increasing prices makes working with a local, experienced agent a top priority to help buyers navigate the home search and sales process more effectively.”