Report: Metro Detroit Home Sales Continue Steep Downward Trend

According to the latest regional housing report from RE/MAX of Southeastern Michigan in Troy, home sales are showing no signs of rebounding, taking a 31 percent hit this January compared to last January, moving from 2,614 homes sold to 1,803.
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Extensive series of a Caucasian Real Estate Agent and African-American Couple in front of a home.
Home sales in metro Detroit have taken major hits over the past few months. // Stock Photo

According to the latest regional housing report from RE/MAX of Southeastern Michigan in Troy, home sales are showing no signs of rebounding, taking a 31 percent hit this January compared to last January, moving from 2,614 homes sold to 1,803.

This is also a sharp hit month-over-month, seeing a drop from 2,521 sales in December 2022. Pending sales aren’t down nearly as much, dropping from 2,730 to 2,478 year-over-year — or 9.2 percent. This is up from 2,064 in December 2022.

“Buyers and sellers both reset their expectations as we started the year. Buyers are coming to terms with the new normal for rates, with interest rates slightly rising and falling from week to week,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan. “Sellers continue to have a strong position but recognize home prices have stabilized, and they must price their home for current market conditions to attract buyers.”

The median sales price saw a very small increase month-over-month and year-over-year, moving from $257,975 to $258,375 and $258,225 to $258,375, respectively. The months’ supply of homes, of which six months in considered balanced, fell month-over-month from 2.9 to 2.1, but increased from 1.4 year-over-year.

Homes are spending longer on the market on average, increasing 13 days year-over-year from 34 to 47 days, and six days month-over-month.

Broken down to county-specific data year-over-year, Livingston County led the way, dropping from 117 sales to 70, or 40.2 percent. Oakland County wasn’t far behind, falling from 880 sales to 585, or 33.5 percent. Macomb and Wayne counties dropped 29.2 and 28.9 percent respectively, moving from 489 sales to 346 and 1,128 sales to 802. The city of Detroit saw the smallest drop in sales, 15 percent, from 300 to 255.

The median price was up the most in the city of Detroit, however, moving from $70,000 to $75,000, or 7.1 percent. The median price in Oakland County increased 6.8 percent from $295,000 to $315,000. Livingston County is the last to see a gain, jumping 4.2 percent from $336,000 to $350,000. Macomb County remained effectively unchanged at $215,000, and Wayne County fell 2.2 percent $157,000 to $153,500.

Homes spent the longest on the market in Macomb County, increasing 21 days from 32 to 53. Livingston County went from 35 days to 49 and Wayne County from 33 days to 43. Oakland County moved from 35 days to 41. The city of Detroit lost a day, moving from an average of 50 to 49.