According to the March 2022 housing report from RE/MAX of Southeastern Michigan in Troy released today, the median sales price jumped more than 10 percent year-over-year while home sales dipped 8-plus percent.
The median sales price in March 2022 was $281,125, up from $253,913 in March 2021 and $258,363 in February 2022. The number of sales, meanwhile, was down from 3,222 to 2,943 year-over-year.
Sales are up, however, month-over-month, from 2,360 in February. Pending sales are up 2.3 percent year-over-year, from 3,582 to 3,687. Month-over-month it was up from 2,819.
“Buyer demand remains strong amid continued low inventory. Rising interest rates have pushed some buyers into the market, and they are helping to scoop up any new listings that come onto the market,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan.
“At the same time, some buyers are adjusting how much they will spend on a home to adjust to rising rates. More listings would be a good thing for the market, but regardless of whether that happens, we anticipate another active spring selling season.”
Homes continue to spend around the same number of days on the market, remaining unchanged at 24 day year-over-year and down from 28 days month-over-month. The months’ supply — of which 6 months is considered balanced — remains mostly stagnant as well, moving from 1 to 1.1 year-over-year and from 1.2 to 1.1 month-over-month.
Broken down by county, Livingston County saw the largest drop in home sales at 12.6 year-over-year, from 175 to 153. Wayne County dropped from 1,369 to 1,239 (9.5 percent) and Oakland County fell from 1,158 to 1,052 (9.2 percent). The City of Detroit fell from 371 to 356 (4.5 percent) and Macomb County fell from 520 to 499 (4 percent).
The city of Detroit saw the largest jump in median sale price, going from $60,000 to $84,500 (40.8 percent). Livingston County jumped from $339,900 to $400,000 (17.7 percent) and Macomb County from $204,500 to $225,000 (10 percent). Wayne County went up from $155,000 to $165,000 (6.5 percent) and Oakland County from $316,250 to $334,500 (5.8 percent).
The number of days spent on the market was down the most in Oakland County, from 25 days to 19 (24.3 percent). In Macomb County, it dropped from 23 days to 22 (3.2 percent). The rest of the area gained days, starting with Livingston and Wayne County’s — each jumping 10.4 percent — from 24 to 26 days and 25 to 28 days, respectively. The city of Detroit saw the largest gain, jumping from 43 days to 49 (12.9 percent).