Home sales across metro Detroit were down 10.4 percent in November, compared to the same period a year ago, as affordability concerns continue to weigh on buyers, according to the latest REMAX of Southeastern Michigan Housing Report.
The slowdown was felt across much of the region, including notable declines in Oakland County (-12.7 percent), Wayne County (-14.4 percent), and a sharp drop in the city of Detroit (-28.5 percent).
“Home sales declined in November compared to last year as affordability continues to weigh on buyers’ minds,” says Jeanette Schneider, President of REMAX of Southeastern Michigan in Troy. “Even so, the market appears to be settling into a seasonal rhythm, which often opens the door for buyers who stay active this time of year.
“With more homes to choose from and stable pricing, the late-fall and early-winter season can be a great time for prepared buyers to make their move, often with less competition and more motivated sellers.”
Despite the slowdown, median home prices held steady, rising slightly to $305,000 overall, compared to 2024, signaling buyers remain engaged even if they’re being more selective.
The median home price in Wayne County was up 8.2 percent to $210,000 from $194,155 and up 5.6 percent in Detroit to $95,000 from $90,000. In Oakland County, the median price edged up 0.9 percent to $350,000 from $347,000. Prices in Livingston County ($385,000) and Macomb County ($260,000) were unchanged from a year ago.
Additional findings from the report include:
- The average home sells in 31 days, two days faster than last year.
- The months’ supply of housing has grown to 3.4 months, up from 2.9 months last year.
- Pending sales are down -3.4 percent year-over-year, signaling softening buyer activity as winter approaches.
