Economic uncertainty and recent tariff announcements may be putting a chill on consumer confidence this spring, according to the latest RE/MAX of Southeastern Michigan Housing Report.
The report finds overall March home sales were down 14 percent year-over-year, while prices jumped 6 percent year-over-year, bringing the median home sale price to $323,950.
“Just as buyers and sellers were accepting that mortgage rates were relatively stable heading into the spring season, recent tariff announcements and the growing economic uncertainty have begun to shake consumer confidence,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan in Troy.
“On the flip side, this instability could open the door for further declines in mortgage rates, which have already started to tick down slightly.”
According to the RE/MAX report, March home sales were down 20.5 percent in Oakland County with 735 sales compared to 925 a year ago. The next largest percentage dip was in Wayne County where 1,050 sales were recorded versus 1,244 in March 2024. The city of Detroit recorded 393 home sales, down 11.1 percent from 442 in March 2024. Sales in Macomb County skidded 6.1 percent with 585 transactions last month compared to 623 during the same period last year.
Livingston County was the only local area to record a home sales increase. Its 140 sales were a 9.4 percent improvement over 128 in March 2024.
Detroit led the way in percentage home price increases with 13.3 percent, $85,000 from 75,000 last year. Livingston County’s $417,250 from $374,000 showed an 11.6 percent price improvement. Macomb County prices jumped from $256,000 to $278,000 (8.6 percent) in the last 12 months. Oakland County saw a 4.1 percent price increase with its $369,900 media price compared to $355,000 last year. Wayne County’s $180,000 was 2.9 percent higher than the $175,000 it showed in March 2024.
Livingston County homes spent 34 more days on the market than they did a year ago. Wayne County properties spend one additional day on the market compared to March 2024. Homes in Oakland (one day) and Macomb (six days) counties were sold faster than they were last year at this time.
