Hot housing market continues in metro Detroit with prices up from last month, days on market down

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Posted at 10:45 AM, May 18, 2021
and last updated 2021-05-18 10:45:58-04

(WXYZ) — The housing market continues to heat up in metro Detroit, and home sales in April were up nearly 55% compared to last year. That's according to the latest monthly housing report from RE/MAX of Southeastern Michigan.

Related: 89 showings in 3 days?! What you need to know to navigate metro Detroit's 'insane' housing market

According to the report, home sales, pending sales and median price are all up while the number of days on market is down significantly from both this last year and last month.

The report found that there were 3,234 home sales in April 2021, which was down from March 2021 but up 54.9% from April 2020.

Related: Here's what housing inventory & months' supply means and how it affects home pricing

The median sales price was $267,824, up from $254,750 in March 2021 and $229,475 in April 2020.

The average number of days a home was on market was just 20 days, down from 30 days in March 2020 and 46 days in April 2020.

According to the report, there is about one month supply of home inventory, which is about the same as March 2021. A 6-month supply is considered a balanced market.

“Home prices were up again in April but that didn't stop buyers from putting in offers allowing many sellers to go from 'for sale' to "pending" within days if not hours. Year-over-year numbers for April are distorted due to the stay-at-home order we were operating under a year ago. Looking at the March to April data, we see a decrease in home sales and average days on market leading to an increase in home prices," Jeanette Schneider, the VP of RE/MAX of Southeastern Michigan said in a release. "The fast pace of the market makes working with an experienced professional more important than ever so whether buying or selling you can make the best decision quickly."

The trend is also the same nationally, with home sales up 45.2% and median sales price up 16.4% year-over-year, while the number of days on market is down 14 days from last year.