RE/MAX of Southeastern Michigan’s latest housing report shows that September home sale prices increased 5.9 percent year-over-year in metro Detroit, bringing the month’s median home sale price to $296,562.
This is the fifth consecutive month home sale prices have increased year-over-year, and the largest increase recorded by RE/MAX this year.
The report also showed that year-over-year home sales are down 19.7 percent as rising interest rates and low inventory continue to impact the market. The city of Detroit continues to be a bright spot, with home sales up 15.2 percent over last year.
Other notable metrics from the latest report showed Livingston County saw the largest drop in home sales year-over-year at 35.7 percent.
Macomb County saw the largest increase in home sale prices, with the median sales price up 8.3 percent over last year. Wayne County saw the largest decrease in days on market, with the average home on the market for 27 days.
Overall, Livingston County saw 146 home sales in September of 2023, compared to 227 during the same time last year. Macomb home sales numbered 469 this September versus 600 last September. This is a 21.8 percent decline.
Oakland sales went from 1,326 in September of 2022 to 1,002 this September. That’s a 24.4 percent drop. Wayne County home sales were 1,306 this September compared to 1,489 last September, a decrease of 12.3 percent.
The median home price in Livingston County rose 6.2 percent, going from $365,000 in September of 2023 to $387,500 in 2023. Macomb home prices enjoyed an even higher median price increase. Prices in September of 2022 were $240,000 and reached $260,000 in September of this year.
Oakland median home prices also saw an increase of 7.1 percent. Prices were $335,000 last year and $358,750 in September of this year. Wayne County median house prices stayed the same at $180.000, while Detroit prices rose 6.7 percent to $80,000.
“The continuation of low inventory contributed to a decline in home sales and a modest increase in home prices again this month,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan in Troy.
“There are many motivated buyers in the market who have been persistent in their search, hoping to find a home yet this year. These buyers know that when they find the right home, they will need to come with their best offer, especially for homes priced near the median sales price. Sellers may not have as many overall showings, but they are still likely to receive a good offer in a short period of time.”