Cold weather, interest rates, and broader economic factors contributed to a decline in metro Detroit home sales in February, according to the latest RE/MAX of Southeastern Michigan Housing Report.
Home sales dropped 11.7 percent in February year-over-year, while the median home sale price inched up 2.3 percent to $308,039. Homes spent an average of 37 days on the market, two days longer than last year.
“February is typically a slower month for home sales, and that was the case again this year,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan in Troy. “A mix of several days of measurable snowfall, along with a few cold snaps, prompted some buyers to hit pause on their search.
“Meanwhile, interest rates, tariff developments, and broader economic factors continue to influence the timing decisions of both buyers and sellers to enter the market.”
Livingston County was the only area to see an increase in sales, up 13.8 percent year-over-year. Macomb County sales were down 10.4 percent, Oakland County down 12.2 percent, Wayne County down 14.3 percent, and sales in the city of Detroit slipped 17.8 percent.
Livingston County homes also sold the fastest, averaging 33 days on the market. Properties in Detroit spent 57 days on the market, Wayne County homes 41 days and 31 days for both Macomb and Oakland counties, all increases.
Wayne County saw the highest median home sale price increase at 15.2 percent, from $155,000 to $178,500. Houses in Detroit saw a 12 percent increase, from $75,906 to $85,000. Livingston County prices rose 9.9 percent, from $364,000 to $400,000, and process in Macomb County jumped 3.7 percent, from $255,000 to $264,450.
