Metro Detroit Home Prices Up 41.9% Over Last Year

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The average single-family home or condominium in metro Detroit sold for $119,900 in October, a 41.9 percent surge when compared to the same time last year, says a monthly report by Realcomp in Farmington Hills. The increase marks the 10th consecutive month the region has experienced a year-over-year increase.

“In terms of all MLS sales (all listings processed by Realcomp both in and outside of Michigan), we’re actually above where we were in 2007,” says Karen Kage, CEO of Realcomp.We’re not back to the 2005 (peak) numbers yet, but we’re certainly on our way.”

Macomb County led way with home prices climbing by 46.2 percent, followed by Wayne (43.6 percent), Oakland (18.7 percent), and Livingston (14.5percent). The number of residences sold saw a slight uptick in metro Detroit overall with a 2 percent increase. Individual counties were led by Oakland (10.8), followed by Livingston (1.1 percent), and Macomb (.9 percent) in home sales. Wayne County dropped 4.6 percent to 1,845 sales.

“When you look at Wayne, you have to look at the Detroit area as well, which is part of Wayne County, “ Kage says. “The amount of sales we saw in that area over the past couple of years we’re so high, that it had to slow down. I think a lot of that has to do what’s available for sale. The inventory is a lot lower than it has been.”

Of the 4,985 metro Detroit residences sold in October 2013, about 22 percent were foreclosure sales. In comparison, about 33 percent of sales in October 2012 were foreclosures.

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