Report: COVID-19 Stalls Regional Home Sales in March, Median Sales Price Rises 3.5%

More than 2,930 homes were sold in metro Detroit during March, 400 more than in February but a 17.4 percent decrease compared to last March, due to the COVID-19 pandemic, according to the monthly RE/MAX Housing Report issued today.
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March home sales decreased 17.4 percent year-over-year due to COVID-19. // Stock photo

More than 2,930 homes were sold in metro Detroit during March, 400 more than in February but a 17.4 percent decrease compared to last March, due to the COVID-19 pandemic, according to the monthly RE/MAX Housing Report issued today.

“It was a tale of two very different experiences during March,” says Jeanette Schneider, executive vice president of RE/MAX of Southeastern Michigan in Troy. “The first half of March showed all the signs of the market ramping up for the spring season. Then came the coronavirus and metro Detroit being a hot spot, leading to our stay-at-home order, which in turn dramatically impacted activity in the market the second half of March.”

Wayne County led the way in March with 1,066 home sales, down from 1,367 in 2019. Oakland County was next with 1,030 sales, down from 1,367 a year ago. Macomb County registered 665 sales in March, down from 845 last year.

Detroit real estate agents sold 251 units in March, a decrease from 361 in 2019. Livingston County registered 175 sales during the month, a slight dip from 183 the previous year.

The median sales price of a home in March in the region was $220,600, up 3.5 percent from 2019. Livingston County paced the region at $289,900, which was 3.3 percent lower than last year. The Wayne County median price improved 10 percent compared to last year to $137,500 from $125,000.

Overall, homes spent one less day on the market than in 2019, and there is a two-month supply of homes on the market.

“We are focused on how to safely conduct business moving forward as we anticipate there remains strong interest by buyers and sellers that will drive sales back up over time,” Schneider says.

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