Median home prices in metro Detroit have shown year-over-year increases for the past nine months— with a dramatic 48-percent jump to $130,000 in September 2013 for the average price for a single-family home or condominium compared to the same monthly period in 2012, according to a monthly report released Monday.
Prices for September were up in Oakland, Wayne, Macomb, and Livingston counties when compared to the year before. This includes a 50 percent increase in Wayne County and 43 percent increase in Macomb County.
“If homeowners can take anything away from the numbers, it’s that now is good time to get their homes appraised,” says Karen Kage, CEO of Realcomp in Farmington Hills, which issues the monthly real estate report. “(The value) is probably much different than what it was at the beginning of the year,” Kage says.
September’s median price showed a slight decrease in comparison to August 2013, when the average home was selling for $135,000, but Kage says it’s not a significant decrease, “especially considering there’s still such a big increase from (the median price) over last year.”
Of the 4,830 residences and condos that were sold in September 2013, about 20 percent were foreclosures. In comparison, about 33 percent of sales in September 2012 were foreclosures.