Metro Detroit housing market sees dip in monthly sales in December

Home Sales
Posted at 9:17 AM, Jan 10, 2022
and last updated 2022-01-10 09:17:26-05

(WXYZ) — Home sale prices in metro Detroit dropped month-to-month but were still up in 2021.

The latest housing report from RE/MAX of Southeastern Michigan found that December home prices were up 12.1% compared to December 2021, but down slightly compared to November 2021.

According to the housing report, the median sales price was $264,375 for a home in December 2021. It was $272,250 in November 2021, and $235,750 in December 2020.

There were 3,550 homes sold in December, also down from November, and down 13.1% from December 2020.

The average amount of days on market for homes in the area is back nearly where it was in December 2020, and up about five days from November.

As for months supply, there is a 1.4-month supply, which is about where it was for November 2021 and December 2020.

"The drop in home prices is welcome news for buyers and signals some of the normal seasonality we see in the market at this time of the year. We are riding a strong market into the new year with many buyers active in the market now looking to secure a home before facing more competition in spring," Jeanette Schneider, the president of RE/MAX of Southeastern Michigan, said.