According to the February 2022 housing report from RE/MAX of Southeastern Michigan in Troy, metro Detroit home sales are down 8.7 percent year-over-year, while the median price shot up 10.1 percent.
Last February, the organization recorded 2,585 home sales compared to 2,360 this year and 2,466 in January 2022. Pending sales took a similar hit, dropping from 3,063 to 2,819 year-over-year — or 8 percent — and from 2,854 month-over-month.
The median home price could be a factor in this decline, rising from $234,738 to $258,363 year-over-year, and from $251,750 month-over-month.
“Interest rates went up in February, which brought out some additional buyers looking to find a home now before any additional interest rate hikes,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan. “Market conditions continue to favor sellers with increasing home values and a relatively quick timeline to get your home sold. Business is already ramping up and we anticipate an active spring season fueled by high buyer demand.”
Homes spent an average of three fewer days on the market year-over-year, dropping from 31 to 28. This is down 6 days from January 2022s average of 34 days. Months’ supply of homes — of which 6 is considered a balanced market — remains stagnant at 1.2 year-over-year and dropping insignificantly from 1.3 month-over-month.
With year-over-year data broken down by county, Oakland saw the sharpest drop in home sales, from 918 to 803 (12.5 percent). Wayne country was second, dropping 8.7 percent from 1,127 homes to 1,029. Macomb County sales dropped 3.8 percent, from 418 to 402. Livingston County saw a small gain, from 122 to 126 (3.3 percent), as did the city of Detroit, jumping from 292 to 305 (4.5 percent).
The county-specific median price data shows Livingston County jumping from $300,000 to $356,450 in a year (18.8 percent). The city of Detroit also saw a significant increase of 9.5 percent, or $62,800 to $68,750. Oakland County’s median price jumped 7.8 percent from $287,450 to $310,000, and Wayne County jumped 6.7 percent from $150,000 to $160,000. Macomb County saw the smallest increase — only 2.7 percent — going from $201,500 to $207,000.
The average number of days homes spent on the market saw many different results. Livingston County dropped 22.9 percent from 34 days to 26. Macomb and Oakland counties saw drops from 25 days to 23 (9.6 percent) and 31 days to 29 (4.3 percent) respectively. Wayne County saw a small increase of 3.3 percent, from 34 days to 35. The city of Detroit saw the largest increase here, going from 51 days to 54 (7.1 percent).