While the region’s home supply was at its lowest level of the year in September with a 1.8 months supply, home sales were up 7.5 percent year-over-year to 4,659 homes sold from 4,334, according to RE/MAX of Southeastern Michigan.
In August, 4,367 homes sold in Livingston, Oakland, Macomb, and Wayne counties. Nationally, home sales were up 21.1 percent in September.
In September 2019, there was a 3.8 months supply of homes, while there was a 2 months supply of homes in August 2020. Nationally, there was a 1.8 months supply of homes in September. A supply of six months is considered balanced.
“The market remained robust in September with buyers actively out and ready to put an offer on homes that were available,” says Jeanette Schneider, executive vice president of RE/MAX of Southeastern Michigan in Troy.
“With remote or flexible working now the norm, buyers are expanding their searches into communities they may not have previously considered as they search for more space and amenities. Historically low interest rates, pent-up demand, and shortage of inventory are likely to continue to dominate the market this fall.”
The average home price was $246,750, a 10.4 percent increase over September 2019’s $223,500 and a decrease from August 2020’s $250,500. Nationally, the price jumped 12.8 percent to $289,900.
Homes spent an average 30 days on the market, down three days from the previous year and one day from the previous month. Nationally, homes spent 39 days on the market, a 7 day decrease from the previous year.
Home sales increased the most – 13.7 percent – in Macomb County, where 1,099 homes sold. Livingston and Oakland counties were right behind, with jumps of 12 percent to 281 and 11.1 percent to 1,655, respectively. While home sales decreased by 0.2 percent in Wayne County to 1,624 homes sold, they increased in Detroit by 10.2 percent to 314 homes sold.
Median price was the highest in Livingston County – $305,000, a 5.2 percent jump. The median price in Oakland County was $300,000, an increase of 11.1 percent, and $217,000 in Macomb County, an 11.3 percent increase. In Wayne County, home prices went up 18.7 percent to $165,000, while Detroit home prices saw an increase of 15.1 percent to a median price of $49,500.
In Wayne County and Detroit, homes spent more days on the market than the previous year – 32 compared to 31 and 56 compared to 45, respectively. They spent less time on the market in Macomb County (23 days down from 30), Oakland County (30 days down from 34), and Livingston County (33 days down from 37).