Median Sales Price of Existing Homes in Metro Detroit Jumps 23% to $277,225 in May
The average home price has increased 23% since May last year to $ 277,225. Detroit saw the average price rise 58 percent. // stock photos
RE / MAX, located in southeast Michigan in Troy, has released its May 2021 Housing Report, which mirrors and expands on RE / MAX’s May 2021 National Housing Report, which placed metropolitan Detroit in or near the top of many important categories including median sale price and the grand total, showed closings.
3,674 homes were sold in the Detroit metropolitan area in May, up 137 percent from 1,545 home sales in May 2020. Oakland and Wayne Countys led the way with 1,467 and 1,450 homes sold in May, respectively.
Oakland County saw the highest percentage increase year over year at 171 percent. Macomb County doubled its number to 534 (111 percent), Livingston County did the same with 223 homes sold (120 percent), and Detroit recorded 320 home sales compared to 187 (71 percent) the previous year.
“Metro Detroit led the nation in the percentage of homes sold year over year. Last May, home sales were down 70 percent and this year we’re up 136 percent. Much of this fluctuation is due to COVID-19 restrictions in our state last year, which resulted in the spring market being less active, ”said Jeanette Schneider, president of RE / MAX in Southeaster Michigan.
“Since then, our market has seen strong interest from buyers, which has increased property sales and property prices. The market continues to favor sellers with low inventory levels and historically fast turnaround times for house sales. “
Other findings from the latest report include a 23.6 percent increase in the average home sales price to $ 277,225 from $ 224,225. Detroit saw the largest increase in that area, up 58 percent to $ 65,000 from $ 41,000. Wayne County followed with a 32 percent increase to $ 175,000 from $ 132,000. Livingston, Macomb and Oakland counties all saw price increases of less than 30 percent.
The average number of days spent in the market for homes for sale fell by almost a full month, from 38 days to 16 days. Macomb and Livingston Counties led with 67 and 61 percent drops, respectively. For Macomb County, the decrease was 39 days to 13 days and 45 days to 17 days for Livingston County.
Only the offer is currently delayed, according to the report, with a current offer of 1.1 months. The report says that a six month deal is considered balanced.