The metro Detroit real estate market continued to benefit sellers in June, with the median sale price of a home or condominium in the region rising to nearly $173,000 from a year ago, Farmington Hills-based Realcomp Ltd. II reported.
The pace of home sales picked up last month, too, with homes and condos remaining on the market for an average of 37 days, down from 43 days in May, according to Realcomp.
In the four-county metro region – Wayne, Oakland, Macomb and Livingston counties – there were 5,671 home and condo sales in June, a 3.6 percent increase compared year over year. Median home and condo sale prices rose 5.9 percent from $162,900.
Karen Kage, CEO of Realcomp, said there’s a shortage of inventory in metro Detroit. “The minute a home comes onto the market, it’s selling quickly,” she said. “That all comes into play with people feeling better about the economy.”
There were 13,889 homes and condos on the market in June, an 18.8 percent decrease when compared to the 17,098 listings last year.
Other highlights from June:
- In Livingston County, home sales increased 6 percent to 369 sales in June, and the median sale price increased 11.1 percent to $240,000.
- Macomb County saw home sales drop 8.2 percent to 1,139 sales and prices rise 7.9 percent to $150,000. The county also saw one of the largest drops in inventory compared year over year, with a 39.5 percent decrease in the number of on-market listings to 1,974 homes from 3,265.
- Oakland County home sales increased by 4.6 percent to 2,181 sales in June and median sale prices rose 2.3 percent to $225,000.
- Wayne County also saw increases in the number of homes sold and sale prices, with 1,982 homes sold last month, a 10.2 percent increase when compared to June 2015. Median home sale prices increased 3.8 percent to $120,428.
- The median sale price for a home in the Detroit area, which includes the cities of Detroit, Hamtramck, Harper Woods and Highland Park, in June was $24,300 — a 15 percent increase compared to last year. Kage said in 2009, the median price for a home in those cities was $6,500.
By Adrienne Roberts, Crain’s Business Detroit
