Metro Detroit home prices were up year-over-year for the eighth consecutive month, according to the latest RE/MAX of Southeastern Michigan Housing Report. December home prices were up 2.5 percent year-over-year, bringing the current median home sale price to $279,500.
“December results continued the trend we saw throughout much of 2023 with home sales down but home prices up compared to a year ago,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan in Troy.
“There are signs that 2024 may be more active, given that interest rates have already come down a bit recently. While inventory remains low, there is more interest from current homeowners about putting their home on the market in the coming months, which could lead to some additional properties coming to market by springtime.”
Other notable metrics for metro Detroit from the latest RE/MAX report showed that home sales in December 2023 are down 8.5 percent year-over-year compared to December 2022.
Additionally, Oakland County saw the largest drop in home sales year-over-year at 14.5 percent, with sales of 755 homes in December of 2023 compared to 883 sales during the same time in 2022.
Macomb County sales dropped 9.4 percent in December of 2023 compared to December 2022, going from 404 to 366. Wayne County sales dropped 14.2 percent, going from 1,244 in December of 2022 to 1,067 during the same time in 2023. Detroit home sales during this period were up slightly, going from 375 to 386. Livingston County sales dropped 5.6 percent going from 124 to 117.
The median price of homes all saw increases from December 2022 to December 2023. The median price of a Livingston County home went up 11.7 percent, going from $349,950 to $391,000. Macomb County median prices went up 9.5 percent, going from $220,000 to $241,000. Oakland County prices rose 6 percent, going from $300,000 to $318,000. Wayne County prices went up 2.6 percent, going from $160,000 to $165,000. City of Detroit median prices rose the most, going from $65,000 to $80,500, an increase of 23.8 percent.
For the most part, the days-on-market (DOM) for metro Detroit homes declined in December of 2023 compared to December of 2022. Only Livingston County saw an increase with MOM going from 38 days to 48 days, a 26.7 increase.
Macomb County saw DOM decline 25.6 percent, going from 43 days to 32 days. Oakland County DOM dropped 8.9 percent, going from 39 days to 36 days. Wayne County DOM declined 9.6 percent, going from 41 days to 37 days. City of Detroit DOM went down 11.3 percent, going from 50 days to 45 days.
