Report: Metro Detroit home sales rebound in July, prices up

Home sales in the Detroit metro area rebounded in July, rising 3.4 percent year-over-year after a 15 percent drop in June, according to the latest report from RE/MAX of Southeast Michigan in Troy.

The July report shows the median sales price in the region is up 7.5 percent year-over-year, bringing the current median home sales price to $340,650.

“July sales rebounded, outperforming both last year and the previous month,” said Jeanette Schneider, president of RE/MAX of Southeast Michigan. “The rebound in home sales was helped by slightly increasing inventory levels, giving buyers more options and more sales activity.

“Some sellers have recognized that they can take advantage of brisk activity and offers close to asking price by listing their home now. With interest rates recently declining, this could drive more listings and buyers into the market.”

Macomb County saw the largest increase in home sales, up 13 percent year-over-year to 815. Oakland County sales improved 5.7 percent (1,171) compared to July 2023 (1,108). Wayne County sales fell 0.5 percent to 1,377, Detroit sales dropped 12.9 percent to 386 and Livingston County sales dropped 14.7 percent (186) compared to the same period last year (218).

Wayne County saw the biggest increase in median sales price, up 15.7 percent to $424,000. Livingston County prices rose 8 percent to $424,000. Macomb County prices rose 7.8 percent to $283,000. In Oakland County, the median price rose 7.4 percent to $398,300. Detroit prices rose 4.4 percent to $88,700.

Livingston County saw the largest increase in days on market, with the average home selling in 31 days, a 55 percent increase. Homes stayed on the market 33.3 percent longer in Macomb County than a year ago, 24 days compared to 18 days earlier. Detroit homes stayed on the market 4.4 percent longer in July 2024 (47 days) compared to July 2023 (45 days).