Housing Report: Prices Rise 8.2% in Metro Detroit During First Half of the Year

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Re/Max of Southeastern Michigan today announced the results of its six-month housing report, which is based on data supplied by area real estate agents and multi-listing services.

From the report, the median sales price was $190,317 through the first half of 2017, an 8.2 percent increase compared with an average of $175,825 for the same timeframe in 2016. Similarly, the average number of days a house spends on the market has decreased 10 days, with homeowners experiencing 38 days between listing and closing this year, compared to 48 days in 2016.

“Through the first six months of 2017 the number of homes sold is almost identical to last year.

demand is greater than the homes available to purchase, and that continues to play a role in pushing sales prices upward,” says Jeanette Schneider, vice president of Re/Max of Southeastern Michigan.

“The good news for buyers is that interest rates remain favorable and recent lending changes may make it easier for buyers with a student loan debt to qualify for a loan. Additionally, current economic and job growth news has been positive, allowing potential buyers to have confidence in saving for and purchasing a home.”

In addition, the number of homes sold throughout southeastern Michigan dropped by 1 percent, totaling 23,745 through June, compared to 23,978 through June 2016.

Several counties experienced decreases in home sales, including Livingston (-3.8 percent), Macomb (-8.1 percent), and Oakland (-.1 percent). Wayne County saw a 3.4 percent increase in home sales compared to this time last year, from 8,622 through June 2016 to 8,919 in 2017.

Nationally, the median sales price increased 6.2 percent to $224,833, and the average selling time decreased seven days to 59 days.

“For sellers, increasing home values remain a positive outcome of current market conditions, and those selling can often sell their home within a four- to six-week period allowing them to complete the sales process in a quicker timeframe,” adds Schneider.

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