After two consecutive months of declining sales, home sales in metro Detroit increased 1.6 percent and pending sales rose by 14.2 percent year-over-year, according to the new monthly RE/MAX of Southeastern Michigan Housing Report.
The median sales prices continued to climb, jumping 9.2 percent in October, bringing the current median home sale price to $328,750. The average metro Detroit home, however, sells in 31 days, four days longer than last year.
“October saw a modest rise in home sales and a notable uptick in pending sales, highlighting both buyer motivation and the market’s resilience,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan in Troy. “Inventory remains tight, particularly in the entry and mid-price ranges, but motivated buyers are looking to secure a home now before a potential increase in buyer demand next year.
“The recent rate cut by the Federal Reserve won’t result in an immediate reduction in mortgage interest rates, but it is anticipated that mortgage rates will ultimately trend downward in the coming months.”
The report also showed Livingston County with the largest jump in home sales at 193, an 18.4 percent increase. The city of Detroit’s 513 sales represented am 8.9 percent increase. Oakland County’s 1,077 transactions was up 4.3 percent from 1,033 a year ago. Wayne County home sales were relatively flat — 1,466 in October 2024 compared to 1,464 in 2023. Sales in Macomb County dipped 2.7 percent, 738 in 2023 to 718 last month.
Oakland County saw the largest jump in home prices at 11.9 percent, from $345,000 to $386,000. Livingston County was close behind at 11.2 percent, from $384,000 to $426,900. Wayne County prices went up 5.6 percent ($180,000 to $190,000) and Macomb County prices rose 5.5 percent ($257,250 to $271,500). Home prices in Detroit grew 1.8 percent, from $82,000 to $83,500.
Oakland County homes also sold the fastest at 28 days on the market. Macomb County (30), Wayne County (31), Livingston County (33) were close behind. Homes stayed on the market in Detroit for 45 days.
