In December 2020, home sales and the median sales price in metro Detroit increased while homes spent fewer days on the market, according to RE/MAX of Southeastern Michigan.
Over the course of the month, 5,426 homes sold, a 22.6 percent increase from December 2019’s 4,426 homes sold. In November 2020, 4,146 homes sold. Nationally, the number of homes sold increased 21.9 percent from the previous year.
The median sales price was $229,250, a 13.1 percent increase from December 2019, when the median sales price was $202,725. In November 2020, the median sales price was $244,625. Nationally, the median sales price increased 9.4 percent year-over-year to $290,000.
“December was a strong end to what by all accounts was an unusual but positive year for the real estate market,” says Jeanette Schneider, executive vice president of RE/MAX of Southeastern Michigan.
“Buyers are taking advantage of the low interest rate environment to offset rising home prices that are part of our limited inventory market. Sellers continue to sell their home in a timely manner and for a favorable price. We anticipate more sellers to enter the market in 2021 as working from home has many moving to a home that better fits their current needs.”
Homes spent an average 34 days on the market, down from the previous year’s 43 days and up from the previous month’s 30 days. Nationally, homes spent an average 37 days on the market, a decrease of 16 days from the previous year.
The region had a 1.3 months supply of homes, down from 1.4 months in November 2020 and 2.5 months in December 2019. Across the U.S., there was a 1.8 months supply. A six-month supply is considered balanced.
Home sales increased in Oakland County (27.7 percent to 1,904 homes), Macomb County (27.2 percent to 1,299 homes), Wayne County (17.2 percent to 1,962 homes), and Livingston County (8.8 percent to 261 homes), as well as in Detroit (12.6 percent to 457 homes).
The median price was the highest in Livingston County – $295,000, a 10.9 percent jump year-over-year. Homes sold for an average $274,000 in Oakland County, a 14.2 percent increase, and for an average $193,000 in Macomb County, a 13.6 percent increase. In Wayne County, the average home price was $155,000, a 14.8 percent increase. Detroit saw a 42 percent increase to $71,000.
Homes spent the longest on the market in Detroit – 51 days, one less than the previous year. In Livingston County, they spent 43 days on the market, down from 51. Homes in Wayne County spent 33 days on the market, while in Oakland County they spent 31 days on the market, both down from 41 days in December 2019. Homes spent the least amount of time on the market in Macomb County – 29 days down from 40.