SkyscraperPage Forum - Metro Detroit median home sale prices cross a big milestone

Article from Crains Detroit highlighting that the median price for homes in Metro Detroit has crossed the $300,000 mark. A major highlight of the article for me is that prices in Detroit proper are up over 31%. This is definitely a positive development for the city, and I hope it continues.

Quote:

Schneider said more homes are coming on the market as empty nesters who waited out much of the pandemic have decided it's a good time for them to cash out. They then become buyers, she said, rejoining the pool.

"The demand hasn't diminished," Schneider said. "Prices are still going up because sellers can get it."Miller said he's seen more people relocating to the area, often with relocation packages that he said are "fantastic" — and coming from pricier markets, so they can buy more home for less money. He said higher values say good things about metro Detroit's market and the economy as a whole.

The market, he said, is beginning to balance.

But Warren said he thinks because many people renovated during the pandemic, deciding to stay in their homes, it will be some time before demonstrably more inventory is available; there are fewer than two months' worth of homes on the market. The RE/MAX data shows both sales and pending sales are down across the region, while homes sell in two weeks outside of Wayne County. In Wayne County, it's 20 days; it's twice that long in the city of Detroit.

As values regionally rise, Detroit, too, has done "very well," Schneider said, as more people come into the city and take care of houses — be they investors or residents. Values there are 31.8 percent higher than last June, as compared to a 13.9 percent increase in Wayne County, where the median sales prices is $205,000, and Macomb County, where it's $269,900. In Oakland County, values are up 10.5 percent, to $385,000, and Livingston County homes are valued 6.3 percent higher than last June, at $391,000.

https://www.crainsdetroit.com/real-e...d-above-300000