Average price for a home in metro Detroit drops for first time in 6 months

Home Sales
Posted at 10:54 AM, Sep 21, 2021
and last updated 2021-09-21 10:54:04-04

(WXYZ) — Metro Detroit home sales prices decreased for the first time since February, but are still up year-over-year, according to a new report.

The August Housing Report from RE/MAX of Southeastern Michigan found that sales are up from July but prices were down slightly.

According to the report, the August median sales price was $281,425, down from $288,725 in July. It's still up 13.2% from August of last year.

Home sales are up 5% from July, but down 10.3% from August, 2020,a nd the number of days on market is nearly the same, but down 10 days from August 2020.

"While we saw more sales activity in August compared to July, seasonality returned to the market in August with overall activity down over last year as many families and potential home buyers took time for summer activities and last vacations before school started," Jeanette Schneider, president of RE/MAX of Southeastern Michigan, said in a release. "This dynamic, along with the shortage of homes for sale, led to the decrease in home sales compared to last year. Buyers aren't as quick to put in an offer, and sellers are finding their home may be on the market for a few weeks before they get an offer. This is still a market that favors sellers, but it isn't the frenzy we saw in early spring."

The median home price in metro Detroit is still lower than the national media home price of $335,000, according to the report.

The months supply has remained steady at 1.4 months. For reference, a supply of six months is considered a balanced housing market.

Macomb County saw the largest year-over-year jump in median price, up 17.6%, followed by Livingston and Wayne County at 12.5% and Oakland County at 11.2%.