Home sales and prices continue to rise across metro Detroit, with July home sales up by more than 10 percent when compared to July 2014, while the median home price jumped more than 7 percent to $164,000, says the latest monthly report from Realcomp II in Farmington Hills.
“When I look at the areas that seem to be doing really well in terms of the median sales price, Wayne (County) is up 19 percent,” says Karen Kage, CEO of the multiple listing service. “In the Detroit area, the median sales price is up almost 24 percent, which is just wonderful news.”
In Oakland County, home sales rose nearly 12 percent to 2,180 units when compared year over year. Home sale prices rose nearly 2 percent to about $211,000.
Macomb County saw home sales rise nearly 6 percent to about 1,170, while median home prices jumped to $140,000, up more than 6 percent when compared year over year.
In Livingston County, home sales jumped 15 percent in July when compared year over year. Median sale prices in the county also rose more than 15 percent to nearly $228,000 in July.
Kage says inventory in metro Detroit showed an increase of 3 percent in July to more than 18,000 listings.
“I think what we are seeing, again, is people are feeling better about being able to put their home on the market, because they see the prices coming up,” Kage says.
She expects home prices and sales to rise in August, too. “When we look at our pending sales, they continue to rise so I think we’re going to see a really good August as well,” Kage says.
IN RELATED NEWS, Detroit ranked No.11 in a listing of hottest housing markets nationwide, says a report by Realtor.com.
Ann Arbor, the only other Michigan city listed, ranked No. 9. Nationwide, San Francisco (1), Denver (2), and Dallas (3) topped the list.
Kage says the ranking is good news for metro Detroiters who bought their homes in 2007 or 2008 and were unsure of when they’d be able to sell their home.
“Now there’s hope,” Kage says. “There’s light at the end of the tunnel. To see Detroit (in the list) is just so positive for the city. ​
