Metro Detroit’s housing market rebounded in May, with home sales jumping nearly 20 percent over April, according to the monthly RE/MAX of Southeastern Michigan Housing Report released today.
The region’s real estate sector recorded 3,469 sales during May, compared to 2,897 in April.
The median sale price of a home also rose 6 percent year-over-year, reaching a record high of $352,500 and surpassing the $350,000 mark for the first time.
“May home sales were up 20 percent over April across metro Detroit, which was a welcome boost after a slow start to the spring home buying and selling season,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan in Troy. “The market is beginning to ease for buyers, with more listings coming to the market and a greater range of options.
“We are seeing some previously hesitant sellers step off the sidelines, deciding now is the right time to make their move. With a little more competition, sellers need to make sure they are pricing accurately to attract serious buyers.”
While May home sales in metro Detroit were up over April, they’re still lagging compared to May 2024.
Sales in the city of Detroit were down 19.2 percent from a year ago. Livingston County transactions were down 12.3 percent. Sales in Wayne County were down 7.5 percent, Oakland County slipped 6.8 percent, and Macomb County slid 1.3 percent.
Prices, however, are up across the board from year-ago figures. The median price of a home in Detroit was $95,000, up 11.8 percent from $85,000. The Wayne County price tag of $215,000 was 11.4 percent higher than $193,000.
Livingston County was also in the double-digit price increase at $438,500, up 11 percent from $395,000. The Macomb County median price of $290,000 was up 7.4 percent from $193,000 and Oakland County recorded a 4 percent increase at $415,000 from $399,000.
The average number of days properties spent on the market remained at 23 days, unchanged from May 2024. Detroit homes had the longest time on the market at 45 days, while properties in Oakland County had the least amount of time for sale at 19 days.
