Sales soar 26.4% in Detroit while median price in Macomb County rises
The median sale price for a home in metro Detroit jumped 6.1 percent in August to $169,750 when compared year over year, Farmington Hills-based Realcomp Ltd. II reported. That’s down compared to $175,000 in July and $173,000 in June as the summer selling season winds down.
Home and condo sales in the region also increased when compared year over year, by 5.1 percent to 6,000 sales. Average days on the market decreased by 2.8 percent to 35 days on the market.
“This is the time of year we start to slow down a bit,” said Karen Kage, CEO of Realcomp. “(But) the market is still really strong.”
She said two strong points are home sales in the city of Detroit, which increased by 26.4 percent to 359 sales, and the median sales price of a home in Macomb County, which rose to $155,000.
The community with the most home and condo sales in August was Detroit, followed by Warren, Sterling Heights, Livonia and Royal Oak, respectively.
In Livingston County, sales decreased by 9.2 percent to 357 sales, while the median sale price increased by 7.4 percent to $240,000.
Macomb County saw sales increase by 4.5 percent to 1,478 and the median sale price also increased, by 11.5 percent to $155,000.
In Oakland County, home and condo sales rose 4.8 percent to 2,144 when compared year over year. The median sale price jumped 7.7 percent to $225,000.
Wayne County sales increased by 9 percent to 2,021 sales in August from a year ago, and the median sale price rose 2.5 percent to $121,000.
By ADRIENNE ROBERTS, Crain’s Detroit Business
