Metro Detroit’s housing market gained momentum in July, with home sales, prices, and pending sales all up year-over-year, according to the monthly RE/MAX of Southeastern Michigan Housing Report.
“July brought across-the-board gains with home sales, home prices and pending sales all rising from last year,” says Jeanette Schneider, president of REMAX of Southeastern Michigan in Troy. “This growth was fueled by more sellers putting their homes on the market, creating new opportunities for buyers to make their move. We are optimistic that this momentum will continue through the remainder of the summer season.”
Overall home sales were up 5.7 percent compared to July 2024 with Livingston County leading the way with a 23 percent increase (267 transactions). Oakland County was next with a 7.3 percent bump on 1,606 sales. Wayne County improved by 4.5 percent bump with 1,611 sales and Macomb County increased by 1.2 percent on 995 transactions. The city of Detroit dipped 1.5 percent with 395 sales.
The median home sale price in the region increased 5.1 percent to $332,500. Detroit led the way in this category improving 15.6 percent to $107,500. Livingston County prices leapt 6 percent to $425,000, Macomb County jumped 5.7 percent to $280,000, Wayne County improved 4.7 percent to $225,000, and Oakland County home prices increased 4.6 percent to $385,000.
Pending sales in the region are up 5.6 percent year over year at 4,342 and overall, homes are staying on the market one less day than a year ago, 21 days compared to 22 in July 2024. Last month, homes were staying on the market for 25 days. Livingston County saw its days on the market figure from 40 percent to 16 days compared to 27 days last July.
