Metro Detroit home sale prices reached a record high in May with the median price hitting $331,625, according to the latest report from RE/MAX of Southeastern Michigan.
The median home sale price was up 4.6 percent year-over-year in May, bringing the median sales price to $331,625. The region’s home sales followed the typical seasonal pattern and increased 10.6 percent from April to May. Year-over-year home sales, however, were down 4.4 percent, the report reveals.
“While May didn’t quite match the sales activity we saw a year ago, it did follow the usual seasonal increase of home sales from April, which is typical at this time of year,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan in Troy.
“Despite interest rates not falling significantly, buyers are actively searching for homes, and sellers that come into the market are finding ready buyers. Given that buyers are factoring in the rising costs to buy a home, they aren’t wasting time looking at homes that don’t meet their needs or are overpriced.”
Schneider attributes the year-over-year drop in sales to the persistent lack of inventory. The average home in metro Detroit was sold in 22 days, one day faster than the previous year. Oakland County homes sold the fastest, with an average of 16 days on the market. The average Detroit home was on the market for 51 days.
Wayne County saw the most significant jump in the median home sale price at 9.5 percent from $179,900 to $197,000. In the city of Detroit, the median price rose from $74,000 to $85,000 for a 14.9 percent increase. Livingston County lost 4.1 percent from $410,000 to $393,250.
Wayne County led the way on the sales charts with 1,428 homes sold in May, down from 1,510 a year ago. Oakland County was next with 1,153 sales, down from 1,181 in 2023. Realtors in Macomb County sold 720 homes in May 2024 compared to 769 in 2023. Livingston County held serve with 184 home sales, same as in May 2023.
