Re/Max of Southeastern Michigan in Troy today announced local market trends for November, which indicate metro Detroit home sales increased 5.2 percent compared to Nov. 2016. Median sales prices also increased 5.2 percent to $195,738 over the past year, and homes were reported to be on the market for an average of 36 days, a four-day decrease compared to last year.
“Home sales throughout southeastern Michigan remained strong in November. Combined with an active October, we haven’t seen the normal seasonal slowdown typical at this time of the year,” says Jeannette Schneider, vice president of Re/Max of Southeastern Michigan. “There is less competition in the market right now creating opportunities for both buyers and sellers.”
Specifically, Livingston County reported a 2.6 percent increase in home sales, while Oakland County was up 8.7 percent, Wayne County saw a 5.7 percent boost, and Macomb County’s home sales increased .1 percent since last year. Median housing prices increased across all four counties, with Macomb reporting a 1 percent increase to $161,500, Livingston at 5.5 percent to $263,000, Oakland at 6 percent to $238,450, and Wayne County reporting a 9.1 percent rise to a median price of $120,000.
Metro Detroit also reported a housing supply of 2.4 months. A six-month supply is considered balanced.
By contrast, national MLS data indicates home sales have increased 1.1 percent across the U.S. compared to Nov. 2016, and the median sales price was reported to be $227,000. From listing to signed contract, homes were on the market for an average of 54 days.