RE/MAX of Southeastern Michigan in Troy has released its May 2021 Housing Report, which reflects and expands on the RE/MAX May 2021 National Housing report that showed metro Detroit at or near the top of many key categories, including median sale price and total closings.
In May, 3,674 homes were sold in metro Detroit, a 137 percent boost from 1,545 home sales in May 2020. Oakland and Wayne counties lead the way with 1,467 and 1,450 homes sold during May respectively.
Oakland County saw the highest percentage jump from last year at 171 percent. Macomb County more than doubled its number to 534 (111 percent), Livingston County did the same with 223 homes sold (120 percent), and Detroit saw 320 home sales compared to last year’s 187 (71 percent).
“Metro Detroit led the nation in the percentage increase of homes sold year-over-year. Last May home sales were down 70 percent and this year we are up 136 percent. Much of this swing can be attributed to the COVID-19 restrictions in our state last year causing the spring market to be less active,” say Jeanette Schneider, president of RE/MAX of Southeaster Michigan.
“Since then, our market has seen intense interest from buyers which has kept homes sales and home prices increasing. The market continues to favor sellers with low inventory and historically fast turnaround times for homes to sell.”
Other findings from the most recent report include a 23.6 percent increase in the median sales price of a home, to $277,225 from $224,225. Detroit saw the largest bump in this field, up 58 percent to $65,000 from $41,000. Wayne County followed behind with a 32 percent increase to $175,000 from $132,000. Livingston, Macomb, and Oakland counties all saw price growth under 30 percent.
The average number of days homes for sale spent on the market dropped nearly a full month to 16 days from 38 days. Macomb and Livingston County led the way with 67 and 61 percent drops respectively. For Macomb County, that drop was from 39 days to 13 days, and 45 days to 17 days for Livingston County.
Only supply lags at the moment, the report notes, with 1.1 months of supply currently available. The report states that a six-month supply is considered balanced.