Metro Detroit March 2024 Home Report Shows Most Sellers Get 100% of List Price

Metro Detroit home sales in March declined 10.6 percent compared to the same period a year ago, according to the latest figures released by RE/MAX of Southeastern Michigan in Troy.
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For sale sign sold
Fewer houses for sale meant fewer houses sold in March 2024 in metro Detroit, according to RE/MAX in Troy. // Stock photo

Metro Detroit home sales in March declined 10.6 percent compared to the same period a year ago, according to the latest figures released by RE/MAX of Southeastern Michigan in Troy.

“Most sellers are getting 100 percent of their list price, indicating strong buyer demand for available homes,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan. “Properties that are in good condition and competitively priced garner immediate attention from buyers.”

The supply side was constrained and there weren’t as many current homeowners opting to sell, which affected total sales, says Schneider.

RE/MAX figures show 2,776 home sales in March, up compared to February, which saw 1,754 homes sold. The median price of homes in March was $308,000 compared to the February price of $302,500.

Broken down by county, Livingston saw 120 home sales in March, a drop of 8.4 percent over the previous year. Macomb sales dropped 20.6 percent, with 596 sales while Oakland home sales remained stable, with 885 sales compared to 899 March home sales last year.

Wayne County saw a decline of 11.3 percent with total March sales of 1,175. The city of Detroit saw an increase of 6.1 percent with 420 home sales during the month.

The median price of homes was mostly up during the month. Livingston home prices were about the same, with a median price of $367,500 this year compared to the 2023 price of $369,500. Macomb reported home prices up 8.3 percent at $256,000. Oakland County median prices reached $360,000, an increase of 9.1 percent.

Wayne County prices for March 2024 hit $175,000, a 6.2 percent increase, while the city of Detroit median home prices were $75,000, a 7.1 percent increase over March of 2023.

Days On Market (DOM) figures also were down. The average DOM in March was 27 compared to 37 in February and 38 in March of 2023. Livingston County reported DOM of 22 in 2024 versus 40 in 2023, a 45 percent decline.

Macomb County DOM was 27, a 25 percent decline, while Oakland County DOM went down to 27, a drop of 22.9 percent.

Wayne County DOM was 31, a decline 22.5 percent over 2023. The city of Detroit DOM was 46, representing a drop of 11.5 percent.