RE/MAX of Southeastern Michigan’s latest housing report shows that the median November home sale prices increased 3.6 percent year-over-year in metro Detroit, bringing the month’s median home sale price to $294,750 compared to $282,450 during the same time last year.
“The market remains challenging with limited inventory, but November was encouraging compared to where we were last year when home sales were down over 30 percent,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan in Troy.
“Home prices rose only modestly, and interest rates pulled back from the eight percent rates we saw in October, which was welcome news to buyers eager to find a home yet this year.”
The report also showed that the number of total home sales declined slightly. Figures show that there were 2,543 in November 2022 compared to 2,395 in November 2023.
Livingston County saw home sales increase 3.1 percent, going from 129 last year to 133 for November 2023. Wayne County home sales also increased in volume by 4.1 percent. Sales in November 2022 were 1,085. This November, they were 1,130. Detroit home sales increased 35.9 percent, with total sales this November reaching 391 versus last year’s 288.
This increase in total sales was not universal. Macomb County total sales went from 422 in November of 2022 to 377 this year. That represents a 10.7 percent drop. Oakland County sales went from 907 last November to 755 this November, a decline of 16.8 percent.
Livingston County saw the largest increase in median home sale prices. This November, the median price was $366,000 compared to last November’s $350,000 — a 4.6 percent rise in prices. Macomb median prices posted a similar gain, with the median price going from $230,000 to $240,000, a 4.3 percent rise.
Oakland County median home prices saw a 3 percent increase in median prices, going from $334,900 to $345,000 this November. Wayne County median sale prices dropped slightly, going from $168,000 to $165,000. Detroit median prices also went down — $79,950 to $75,000 a 6.2 percent decline.
The report also stated that the average days on market (DOM) for metro Detroit dropped, going from 34 DOM in November 22 to 30 days in November 2023. DOM for Livingston County went from 33 days to 32. Macomb County saw the biggest DOM drop — 36 days to 28, which represents a 22.2 percent drop. Oakland County homes saw a 18.2 percent DOM decline — 33 days versus 27 days.
Wayne County DOM showed an 11.4 percent drop, going from 35 days to 31. Detroit followed suit, with an 8.3 percent decline — 48 days compared to 44.
