Metro Detroit’s housing market is showing “encouraging signs” as it enters the peak spring season, according to the latest RE/MAX of Southeastern Michigan Housing Report.
February home sales were up nearly 14 percent over January, and the median sales price rose month-over-month and year-over-year. Sales, however, are down 17.4 percent from a year ago.
The median sales price in the region is $269,500, up 4 percent from February 2022 and from $258,375 in January. Properties spent 14 days longer on the market than last year and pending sales dipped 4.7 percent from year-ago figures.
“February saw an increase in home sales over January and a slight increase in median sales price over last year,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan in Troy. “This could be the first signal of the coming spring market.
“Currently, buyers have more time to find the right home and then work with their agent to negotiate an offer. This is good news for buyers specifically, but also for the real estate market overall as it represents more balance between buyers and sellers.”
Looking at the market in specific counties, Macomb County, with a median price of $225,000, saw the largest increase in year-over-year home prices at 8.7 percent. Macomb also saw the largest increase in days on market, with the average home now taking 44 days to sell.
Livingston County (107 compared to 137) saw the largest decline in year-over-year home sales at -21.9 percent. Homes in Livingston and Oakland counties spent the fewest days on the market at 39.
