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Home sale prices reach record high in metro Detroit last month, report says

Home Sales
Posted at 11:19 AM, Jun 11, 2024

Home sale prices in metro Detroit reached a record high last month, according to the May 2024 housing report from RE/MAX of Southeastern Michigan.

According to the agency, the media home sales price for metro Detroit in May 2024 was $331,625 – up 4.6% from May 2023 and up about 5.7% from April 2024.

The report also found that year-over-year home sales were up from April 2024, but down 4.4% from May 2023.

According to RE/MAX of Southeastern Michigan, the year-over-year drop in sales is persistent to the lack of inventory, and the average home was sold in 22 days, three days shorter than in April 2024 and a day shorter than May 2023.

"While May didn't quite match the sales activity we saw a year ago, it did follow the usual seasonal increase of home sales from April, which is typical at this time of year," Jeanette Schneider, the president of RE/MAX of Southeastern Michigan, said in a statement. "Despite interest rates not falling significantly, buyers are actively searching for homes, and sellers that come into the market are finding ready buyers. Given that buyers are factoring in the rising costs to buy a home, they aren't wasting time looking at homes that don't meet their needs or are overpriced."

The home supply remains similar to the month and year before, at 1.6 months, compared to 1.5 months in April 2024 and May 2023.

Oakland County homes sold the fastest, according to the report, with an average of 16 days on the market. The median price for an Oakland County home was $397,000, the report said.

Here's the breakdown by county.

Oakland County

May 2024 home sales - 1,153
May 2024 median price - $397,000
May 2024 average days on market - 16

Macomb County

May 2024 home sales - 720

May 2024 median price - $270,000

May 2024 average days on market - 19

Wayne County

May 2024 home sales - 1,428

May 2024 median price - $197,000

May 2024 average days on market - 30

Livingston County

May 2024 home sales - 184

May 2024 median price - $393,250

May 2024 average days on market - 24

Detroit

May 2024 home sales - 459

May 2024 median price - $85,000

May 2024 average days on market - 51