RE/MAX of Southeastern Michigan’s report for March 2023 showed that while sales compared to March of 2022 were down, sales compared to February 2023 were up by more than 1,000 units.
The RE/MAX report stated that overall, 3,105 homes were sold in March. That is down from 3,577 sold in March of 2022, but up from 2,054 sold in February of 2023. The median price of a home went up slightly in March compared to February — $277,200 versus $269,500. March 2022 median prices were $278,625.
The RE/MAX report also showed an improvement in the Days on Market (DOM) category compared to February. DOM in March was 38, and 42 in February. The monthly supply number of 2.8 in March, up from 1.9 in February. The report stated that a six-month supply is considered balanced.
Pending sales numbers showed that March 2023 were up compared to February — 3,321 versus 2,529. But March 2022 pending sales reached 4,035.
The report also broke down housing trends by county. Wayne County saw 1,324 sales in March of 2023, compared to 1,403 in March 2022, indicating a 5.6 percent drop. Detroit house sales were up 9.7 percent — 396 in March 2023 compared to 361 in March 2022.
Oakland County sales saw a drop of 22.7 percent. There were 899 sales in March 2023 compared to 1,163 during the same time in 2022. Macomb County sales showed a 10.7 percent decline. There were 751 home sales in March 2023 versus 841 in March 2022. Livingston County saw the biggest drop — 22.9 percent. There were 170 sales in March of 2022, down from the 131 home sales in March of 2023.
The news of median house prices by county was mixed. Macomb saw a 4.3 percent increase, with the median price of a home in 2023 reaching $240,000. That is up $10,000 from the previous March. Oakland County saw a slight 1.5 percent increase in median house prices — $335,000 in March 2023 versus $330,000 in March 2022.
Wayne County prices remained virtually the same, with March 2023 prices set at $164,00 versus $165,000 in the previous March. Detroit prices, on the other hand, declined 12.5 percent, with the median price going from $80,000 to $70,000. Livingston median house prices dropped 5.2 percent, going from $389,500 in March of 2022 to $369,000 in March of 2023.
DOM (days on the market) figures broken down by county showed that Livingston County went from 23 in March 2022 to 40 in March 2023. Macomb County DOM went from 21 in March 2022 to 36 in March 2023. Oakland County DOM figures were similar, going from 21 in March 2022 to 35 during the same period in 2023. Wayne County DOM went from 28 in March 2022 to 40 in March 23. Detroit DOM figures were virtually identical — 51 in March 2022 and 52 in March 2023.
“Home prices were steady in March, which is attractive to buyers out looking and hoping to find a home before the market gets more competitive,” says Jeanette Schneider, president of RE/MAX Southeastern Michigan in Troy. “Buyers are aware of mortgage rates and the on-going and down movement of rates this year, but overall have adapted to the current rates are moving forward.”
