The local housing market’s deep freeze is beginning to thaw, according to the April RE/MAX of Southeastern Michigan Housing Report.
Metro Detroit home sales in April were up year-over-year for the first time since June 2021, while home sales rose 8.5 percent over the same monthly period last year.
Home prices in April 2024 also are up 7.3 percent from the same period last year. The current median home sale price in metro Detroit is $313,875, up from $308,000 in March, and $292,500 a year ago. Pending home sales also are up 8.6 percent from 2023.
“April is typically a month that sees an increase in activity heading into spring, and this April delivered an uptick in home sales compared to the same time last year and over the month prior,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan in Troy.
“This increase comes amidst a modest rise in homes for sale, offering prospective buyers more options to consider. Pending sales also showed an increase over last year, which we anticipate will provide continued momentum in home sales moving forward into the summer months.”
Wayne County led all metro Detroit counties with 1,323 home sales in April. That’s up 8.2 percent from 1,223 in April 2023. Oakland County saw 964 home sales in April, up 9.4 percent from 881 in 2023. Macomb County placed third in the sales race with 698, up 6.2 percent from 657 during the same period last year. Livingston County checked in with 164 home sales, up 15.2 percent from 142 a year ago.
The city of Detroit tallied 450 home sales, up 10.6 percent from 407 in April 2023.
Median home prices were up across the board with Wayne County notching the percentage win with $186,900, up 13.3 percent. Macomb County’s $272,750 median price was up 9.1 percent. The $355,000 median price tag in Oakland County was up 6 percent and Livingston County’s $417,450 was up 5.3 percent.
Detroit’s median home sale price of $82,000 was up 13.1 percent from 72,500 in April 2023.
Metro Detroit homes for sale spent a few days less on the market than during last April. Days on the market dropped from 25 to 23 days in Livingston County, 24 to 21 days in Oakland County, 30 to 29 days in Wayne County, and 47 to 44 days in the city of Detroit. In Macomb County, the days on the market stayed the same from April 2023 to April 2024, 27 days.
