Metro Detroit home prices jumped 13.5 percent year-over-year in December, outpacing November’s 10.3 percent increase and bringing the median sale price to $321,725, according to the latest report from RE/MAX of Southeastern Michigan in Troy.
Oakland County led the price increase parade with a 10 percent increase, from $322,000 in December 2023 to $373,450 in December 2024. Wayne County was next with an 11.5 percent gain, from $165,000 in 2023 to $184,000 in 2024.
Macomb County’s process improved 10.2 percent from $245,000 to $270,000. Prices in the city of Detroit jumped 8.1 percent from $80,000 to $86,500. Home prices in Livingston County moved .3 percent from $390,000 to $391,000.
Overall, in addition to the price increase, Oakland County emerged as the leader among the four counties surveyed, showing a 4.3 percent increase in home sales year-over-year, the largest rise in the area, and is the fastest-moving market, with homes selling in an average of just 35 days.
Livingston County also saw a slight 2.2 percent increase in home sales compared to 2023. Detroit saw the biggest dip in sales, -10.8 percent. Wayne County sales dropped -6.5 percent and Macomb County slipped -4.5 percent from December 2023 to December 2024.
While overall home sales saw a slight dip (-2.4 percent year-over-year), pending sales rose by 5.9 percent, signaling solid buyer interest heading into 2025, according to RE/MAX. Homes sold, on average, in 41 days — just four days slower than last year.
Houses in Livingston County were on the market 12.8 percent longer than last December. Wayne County properties lingered 16.1 percent longer, Detroit homes 17.1 percent longer, and Macomb County homes were for sale 21.9 percent longer in December 2024 compared to 2023.
“Rising consumer confidence and a strong desire to own a home bode well for the 2025 housing market,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan.
“We expect an uptick in inventory this spring as some homeowners, previously anchored by lower rates, decide it’s time to move up or downsize as needed. Meanwhile, buyer demand remains strong, fueled by life changes such as starting families or seeking homes that better align with their evolving needs.”
