According to the latest RE/MAX of Southeastern Michigan Housing Report, metro Detroit’s median home sale price increased 2.4 percent from May to June and 1.6 percent year-over-year, bringing the current median home sale price to $312,190.
This is the highest price recorded since June 2022, when the median home sale price reached its peak for the year at $303,125.
The seasonal momentum also continued with total home sales. June home sales increased 9.6 percent over May. Year-over-year home sales, however, are down 19.2 percent.
Other notable findings from the latest report show the city of Detroit home sales increased 2.5 percent month-over-month and 2 percent year-over-year. And city of Detroit home sale prices increased 3.2 percent month-over-month but dropped 17 percent year-over-year. The current median home sale price in the city of Detroit is $72,250 — a drop from April’s peak for the year at $74,000.
“The jump in June home sales over May kept the seasonal momentum going as we officially entered summer,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan in Troy. “We are not seeing as much move-up activity as usual since most homeowners have an interest rate under 5 percent, which means fewer listings are coming on the market to satisfy buyers. Buyers continue to watch for any homes that become available while also monitoring interest rate movement.”
The study reported that overall, home sales in metro Detroit for June of 2023 were down 19.2 percent compared to the same time in 2022. A total of 3,261 houses were sold. Broken down by county, Livingston saw 170 home sales in 2023, compared to 234 in 2022 – a 27.4 percent drop. Macomb saw a 22.3 percent drop year over year, with a total of 534 home sales in June.
Oakland sales were down 21 percent, with 1,230 homes being sold. Wayne saw the smallest decline – 14.8 percent – with 1,327 homes sold in June of 2023.
Homes also stayed on the market longer. In June of 2023 the average time on market (TOM) was 23 days, a 76.9 percent increase of June of 2022. In Macomb the average TOM was 21 days, a 61.5 percent increase. In Oakland, TOM was 20, a 42.9 percent increase. Wayne TOM was 26, a 44.4 percent increase. In Detroit, TOM was 45, a 25 percent increase over June of 2022.
