Median sale prices for metro Detroit homes and condominiums rose 7.2 percent in December from the year before, while the number of on-market listings continued to fall.
In the four-county area of Oakland, Wayne, Macomb and Livingston counties, median sale prices jumped from $149,200 in December 2015 to $159,900 in December 2016.
December’s figures fall in line with the general trends of 2016, according to a report released by Farmington-Hills based Realcomp Ltd. II.
The number of on-market listings in the four-county region in December fell nearly 43 percent year-over-year, from 19,634 to 11,255.
Among the four counties, Wayne had the highest number of sales as well as year-over-year increase, with a 9.4-percent jump from 1,554 to 1,700 sales in December.
For median sale prices:
- Livingston County had the highest median sale price and largest increase in the region, rising 14 percent to $245,000 from the previous year.
- Macomb County rose 9.7 percent to $147,000.
- Wayne County jumped 8 percent to $108,000.
- Oakland County’s median sale price of $207,000 was 4.5 percent higher from December 2015.
Communities with the most sales in December were Detroit, Warren, Livonia, Clinton Township-Macomb and Royal Oak.
In November 2016, median home and condominium sale prices rose by 9.6 percent year-over-year, while the total number of home and condo sales in the region climbed by 17.3 percent.
By KURT NAGL, Crain’s Detroit Business
