According to the latest figures released by RE/MAX of Southeastern Michigan, metro Detroit saw home sales drop 14.6 percent between February 2023 and February 2024. The decline was driven in large part by high interest rates.
“The decline in home sales from last year can primarily be attributed to the limited availability of homes for sale,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan in Troy. “Low inventory levels also had an impact on home prices.
“With a relatively low number of homes for sale, competition among buyers can intensify, leading to rising home prices. Buyers are motivated, and sellers coming to market can anticipate significant interest and activity.”
Overall, the median price of a home in Livingston, Macomb, Oakland, Wayne counties and Detroit this February was $302,500, compared to $275,000 in February 2023.
Total home sales during February were 1,754 compared to 2,054 in February 2023. Days on Market (DOM) also saw a decline of five days to 37 in 2024. This also represents a four-day DOM decline from January.
Total home sales in Livingston County for February 2024 were 85 compared to 107 in 2023, a 20.6 percent decline. Macomb County saw an even larger drop. Total sales there this February were 278 compared to 367 in 2023, a 24.3 percent decline.
Oakland County saw a slightly smaller decline of 13.4 percent. Total sales in February 2024 were 593 compared to 685 during the same period in 2023. Wayne County had a 10.8 percent decline, with sales going from 895 in February 2023 to 798 in February 2024. Detroit bucked the trend with a 8.4 percent sales increase. The city reported 322 home sales this February compared to 297 in 2023.
Livingston was the only county that reported a decline in median home prices. February 2023 prices were $378,000 compared to $364,000 in 2024, a 3.7 percent drop. Macomb County saw median prices rise 11.1 percent, going from $225,000 in 2023 to $250,000 in February 2024.
Oakland County median home prices rose 9.2 percent, going from $325,000 to $355,000. Wayne County saw a slight rise, with median home prices going from $150,000 in February 2023 to $154,750 this February. Detroit median home prices rose 14.3 percent, with median prices reaching $80,000 this February compared to $70,000 last February.
DOM numbers varied from county to county. Livingston DOM numbers stayed the same, 39 days. Macomb saw the biggest decline, with DOM going from 44 in 2023 to 32 in February 2024. Oakland DOM numbers remained virtually the same, with DOM at 39 in February 2023 compared to 2024’s 38.
Wayne County’s DOM went from 44 to 40. The city of Detroit’s DOM remained the sale, 56.
