Housing report

Metro Detroit Housing Report Shows Prices Rise 10%, Sales Fall

Total home sales fell as prices rose in the Detroit metro area in February according to RE/MAX of Southeast Michigan. // Image bank

According to the February 2022 Housing Report from RE/MAX of Southeast Michigan in Troy, home sales in Metro Detroit were down 8.7% year-over-year, while the median price rose 10.1%.

Last February, the organization recorded 2,585 home sales compared to 2,360 this year and 2,466 in January 2022. Pending sales took a similar hit, falling from 3,063 to 2,819 year-on-year. other – or 8% – and 2,854 from one month to the next. .

The median home price could be a factor in the decline, falling from $234,738 to $258,363 year over year and $251,750 month over month.

“Interest rates rose in February, which attracted additional buyers looking to find a home now ahead of any further interest rate hikes,” said Jeanette Schneider, president of RE/MAX Southeast Michigan. “Market conditions continue to favor sellers with rising home values ​​and a relatively quick time to sell your home. Business is already accelerating and we anticipate an active spring season fueled by strong buyer demand. »

Homes spent an average of three fewer days on the market year-over-year, falling from 31 to 28. This represents a drop of 6 days from the 34-day average of January 2022. Supply Monthly Houses – 6 of which are considered a balanced market – remain flat at 1.2 year-over-year and drop insignificantly from 1.3 month-over-month.

With year-over-year data broken down by county, Oakland saw the largest drop in home sales, from 918 to 803 (12.5%). Wayne Country was second, dropping 8.7% from 1,127 homes to 1,029. Macomb County sales fell 3.8% from 418 to 402. Livingston County recorded a slight gain, from 122 to 126 (3.3%), just like the city of Detroit, from 292 to 305 (4.5%).

County-specific median price data shows Livingston County going from $300,000 to $356,450 in one year (18.8%). The City of Detroit also saw a significant increase of 9.5%, from $62,800 to $68,750. Oakland County’s median price jumped 7.8% from $287,450 to $310,000, and Wayne County jumped 6.7% from $150,000 to $160,000. Macomb County saw the smallest increase – just 2.7% – from $201,500 to $207,000.

The average number of days on the market for homes produced many different results. Livingston County fell 22.9%, from 34 days to 26. Macomb and Oakland counties respectively fell 25 days to 23 (9.6%) and 31 days to 29 (4, 3%). Wayne County saw a slight increase of 3.3%, from 34 days to 35. The City of Detroit saw the largest increase here, from 51 days to 54 (7.1%).