The median sales prices on homes and condos are on the rise in metro Detroit. According to realtors, now is a good time to buy or sell a home.
“It’s much more pleasant to be in real estate today than it was previously because there wasn’t good news for a seller. There wasn’t good news for a a buyer. Where today, buyers are getting good interest rates... sellers have recaptured some of that loss,” said realtor Frank Tarala.
The median sale price for a home in Macomb County, has increased by 3.8% since last May.
In Oakland County, the price is up 6.3% and in Wayne County it is up by 3.1%.
According to Tarala, the resurgence was inevitable.
“Well it went down so hard for so long it was just a recovery from what happened so that’s really what’s driving the market was a pent up demand from when no one, from when there was very little ability to purchase."
While demand is high, Tarala says there are not enough homes on the market.
“We are down 15% from last year and we are not seeing as much construction which makes properties hard to come by,” said Tarala.
Regardless, sales have not been this good since at least 2009 while Recomp began tracking the numbers for the collective metro Detroit area. Back in May of 2009, the median price for a home was $46,075.
In May 2016, the median was $165,000.
Many realtors are optimistic the upswing is here to stay.