Report: Metro Detroit Home Prices Reach All-time High in June

Metro Detroit home sale prices reached a new all-time high in June with the median home sale price up +7.1 percent year-over-year to $340,000, but sales overall slowed 15.1 percent, according to the latest report from Troy-based RE/MAX of Southeastern Michigan.

Macomb County’s prices jumped 7.5 percent to $290,000, the highest percentage leap in the region. Livingston County’s $425,000 was the highest actual median home price during June. Oakland County prices rose 6.8 percent to $390,000, Wayne County prices increased 5.1 percent to $194,000, and the price tag in Detroit went up 6.8 percent to $78,000.

“June sales mirrored those of May but were notably sluggish compared to last year,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan. “Despite inventory and affordability challenges, many buyers are actively searching and competing, driving home prices higher.

“Sellers who have priced their homes appropriately can expect early interest and significant showing activity. This dynamic is likely to persist until more listings become available.”

Although the price of homes in Macomb County has risen, the county saw a 21.4 percent drop in sales. Oakland County sales decreased 16.9 percent, Wayne County 10.8 percent, Detroit 9.1 percent, and Livingston County 8.1 percent.

Houses for sale spent the least amount of time on the market in Oakland County during June — 20 days, same as a year ago. Detroit homes spent 48 days on the market in June, compared to 36 days last June. Macomb County properties sold in 23 days, up 15 percent, Livingston County houses in 24 days, up 26.3 percent, and Wayne County homes sold in 28 days, up 21.7 percent.

The post Report: Metro Detroit Home Prices Reach All-time High in June appeared first on DBusiness Magazine .