Report: Metro Detroit Median Home Prices Up 9.4% in January

According to the latest figures released by RE/MAX of Southeastern Michigan, metro Detroit median home prices in January rose 9.4 percent compared to December of 2023.

“There is pent-up demand, especially among first-time and younger buyers,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan in Troy. “Potential move-up buyers are also actively reaching out to explore their options. Many listings on the market now are seeing significant activity, and with interest rates stabilizing, there is anticipation for an active spring.”

Broken down by county, Livingston County median home prices went from $350,000 in January 2023 to $360,000 in January 2024, a 2.9 percent increase. During the same time, Macomb County saw median prices go from $215,000 to $240,000, an increase of 11.6 percent.

Oakland County median home prices rose 7.9 percent from January to January. The 2023 price was $315,000 compared to 2024 prices of $339,950. Wayne County prices rose 6.4 percent, with a median price of $153,500 compared to the 2024 price of $163,000. City of Detroit prices remained stable, going from $75,000 to $76,000, an increase of 1.3 percent.

The number of home sales per county varied in January of 2023 compared to January of 2024. Wayne County sales remained virtually the same, with 802 sales this year compared to 798 sales in 2023.

Macomb County sales, on the other hand, saw a 22.8 percent drop. There were 346 sales in January of 2023 compared to 267 in 2024. Oakland County sales also dropped from 585 in 2023 to 530 in 2024, a 9.4 percent decline. Livingston County sales also were stable, with 2023 sales at 70 and 2024 at 67. The city of Detroit saw a 25.9 percent increase. 2023 sales were 255 compared to 2024’s 321.

Homes were selling faster in January of 2024. Days on Market (DOM) figures were all down except for the city of Detroit. Livingston County went from 49 in 2023 to 47 in 2024, a decline of 4.1 percent. Macomb County DOM went from 53 in 2023 to 39 in 2024, a drop of 26.4 percent. Oakland County saw DOM go from 41 in 2023 to 36 in 2024, a decrease of 12.2 percent. Wayne County DOM went from 43 to 40.

The city of Detroit was the only market that saw a DOM increase. In 2023 it was 49 days compared to 2024’s DOM of 53.

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