Metro Detroit home prices saw their largest jump of the year in November, up 10.3 percent year-over-year, bringing the median sale price to $323,500 (from $293,250 in November 2023), according to the latest RE/MAX of Southeastern Michigan housing report.
Price increases in Wayne County led the way going from $169,000 to $191,000 between November 2023 and November 2024, a 13.5 percent increase.
Percentagewise, Detroit homes led the way with a 16.7 percent price bump ($75,000 to $87,500). Macomb County prices were up 10.6 percent, Oakland County up 10.1 percent, and Livingston County up 7.9 percent.
The latest report also finds that while home sales dipped slightly by 1.9 percent year-over-year, pending sales increased by 11.1 percent.
The average metro Detroit home sold in 32 days in November, just two days longer than in November of last year.
“Gradually rising inventory levels are providing a welcome opportunity for motivated buyers, who are eagerly responding to new homes as they hit the market,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan in Troy.
“We are also seeing a few more price adjustments as sellers without offers work to secure a deal before the end of the year. Demand exceeding supply and rising home prices continue to be ongoing challenges for first-time buyers.”
Oakland County led the region in percentage increase in home sales with 943 or 8.5 percent. It was the only county with an increase over last year. Livingston County tallied 146 sales compared to 149 a year ago. Detroit had 427 houses sell, a 3.8 percent decrease. Wayne County home sales showed a 4.3 percent decrease while Macomb County’s 8.2 percent decrease had the toughest November.
Oakland County homes sold the fastest, averaging just 28 days on the market. Houses in Livingston County sold in an average of 29 days. Macomb County properties sold in 33 days, Wayne County in 26 days, and Detroit in 50 days.
, according to the latest RE/MAX of Southeastern Michigan housing report.){kind=link}