October Home Sales in Metro Detroit Up 14.6%, Prices Rise 16.7% to $237,250

Home sales and the median sales price were up by double digits in Livingston, Macomb, Oakland, and Wayne counties in October, while homes spent fewer days on the market, according to RE/MAX of Southeastern Michigan’s latest report.
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Home sales and median sales prices increased in October 2020. // Stock photo

Home sales and the median sales price were up by double digits in Livingston, Macomb, Oakland, and Wayne counties in October, while homes spent fewer days on the market, according to RE/MAX of Southeastern Michigan’s latest report.

Over the course of the month, 5,609 homes sold, a 14.6 percent increase year-over-year from 4,893. In September 2020, 4,659 homes sold. Nationally, home sales were up 20.8 percent.

The median sales price jumped 16.7 percent to $237,250 from $203,250 from October 2019. This is a drop from September 2020’s $246,750. The national average sales price was $295,000, a 15.4 percent year-over-year increase.

Homes spent an average 36 days on the market, a six-day drop from October 2019 and a six-day increase from September 2020. Nationally, homes spent 38 days on the market, an 11-day decrease from the previous year.

“The market moved at a brisk pace in October with buyers taking advantage of historically low interest rates and mild weather to look for a new home,” says Jeanette Schneider, executive vice president of RE/MAX of Southeastern Michigan in Troy.

“Whether it is a dedicated home office or simply more space in general, buyers continue to be out in force looking for a home that meets their new needs. Sellers who have always dreamed of a time where they could sell their home quickly and primarily on their terms will enjoy our current environment.”

There was a 1.2 months supply of homes on the market, down from 2.7 months in October 2019 and 1.8 months in September 2020. Nationally, there was a 1.7 months supply on the market. A supply of six months is considered balanced.

Home sales increased the most in Livingston County – 21.3 percent – to 302, up from 249 in October 2019. In Oakland County, 1,976 homes sold, an 18.5 percent increase from the previous year’s 1,667. In Detroit, 365 homes sold, a 14.4 percent increase from 319; in Wayne County, 2,105 homes sold, an 11.3 percent increase from 1,892. In Macomb County, 1,226 homes sold, an increase of 13 percent from 1,085.

The median sales price was the highest in Livingston County at $310,000. This is an 11.1 percent increase from $279,000 the year before. Oakland and Macomb counties saw prices of $285,000 and $203,000, increases of 17.8 percent and 21.5 percent from $242,000 and $167,000, respectively.

In Wayne County, the average home price was $151,000, up 20.8 percent from $125,000, while homes sold for an average $54,750 in Detroit, a 36.9 percent increase from $40,000.

Homes spent the most days on the market in Detroit – 57, up from 47. They spent 41 days on the market in Oakland County, down from 50. In Livingston and Wayne counties, homes spent 36 days on the market, down from 40 and 41 days, respectively. Homes spent the fewest days on the market in Macomb County – 31 down from 37.

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