Metro Detroit Real Estate Market Report – This Month 2018

Enjoy this Metro Detroit Real Estate Market Report for this month. You can also do a home search and save your favorite properties. Set up a search and be alerted as soon as a matching property hits our database. It’s Exclusive.

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Metro Detroit Real Estate News

Metro Detroit Single Family Homes ended 2017 with an average price of $191,146.

This month’s Metro Detroit Real Estate Market for July 2018 continues to hold down frustrated Buyers while Sellers still see a shining bright spot: Homes for sale inventory is down 19.8% from 2017 and, with fewer homes selling, the median sales price is up 7.0%.

The chatter about housing price bubbles has increased this summer, as observers attempt to predict the next shift in the residential real estate market. It is far too early to predict a hard shift away from higher prices and lower inventory, but the common markers that caused the last housing market downturn are essentially present…demand is still outpacing what is available for sale in many markets.

— Realcomp II, LTD.

July saw a total of 8,921 condominiums and single family homes sell throughout the multiple listing service. Comparing the number of sales last year for July 2017, this is up 3.3% for single-family homes, and up 8.3% for condos. Read More Here!

Metro Detroit Home Sale Averages for each county for last year ending in 2017. These price averages are for single family homes only.

Here are the latest number of home sales in Metro Detroit. These statistics are based on the counties of Oakland, Wayne, Macomb and Livingston.

Other’s have favored our detailed Oakland County Market Report.

At the end of 2017, the average days on market was 31 days, and up through May 2018, it takes an average 34 days to sell a house in Metro Detroit.

At the beginning of June 2018, there are currently 9,235 single family homes on the market, leaving 671 less Metro Detroit properties for sale than this time last year.

At the end of 2017, the average list to close price was 99.1% indicating a strong seller’s market.

The REALTORS® Confidence Index (RCI) survey gathers monthly information from REALTORS® about
local real estate market conditions, characteristics of buyers and sellers, and issues affecting
homeownership and real estate transactions. The National Association of Realtors® (NAR) report presents key results about market transactions from February 2018.

• 37 Median Days on Market
• 2.2 Average Number of Offers Written per Client
• 29% of Residential Sales were 1st Time Home Buyers
• 24% Cash Sales
• Twenty-one percent of sellers offered incentives such as paying for closing costs (nine percent),
  providing a warranty (nine percent), undertaking remodeling (three percent), and providing appliances (one percent).
• Sales of distressed properties (foreclosed or sold as a short sale) accounted for four percent of sales.
• REALTORS® report “low inventory” and “interest rate” as the major issues affecting transactions in
  February 2018.

The Median Price range for single family homes in Oakland County, MI at the end of 2017 was $221,000, and through May 2018 is $230,000.

The Median Price range for single family homes in Macomb County, MI at the end of 2017 was $153,000, and through May 2018 is $155,000.

The Median Price range for single family homes in Wayne County, MI at the end of 2017 was $104,900, and through May 2018 is $105,301.

The Median Price range for single family homes in Wayne County, MI at the end of 2017 was $250,000, and through April 2018 is $259,000.

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Here are homes for sale on the water in Metro Detroit and the Lakes Area.

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