Metro Detroit home prices rise 12.2% in June, with houses for sale in high demand

Metro Detroit home prices rise 12.2% in June, with houses for sale in high demand

Roger Pettingell Sarasota Real Estate

A typical Wayne County home listed for $159,900 in June, up 12.2% from the previous month’s $142,500, an analysis of data from Realtor.com shows.

The median list home price in June was down about 9.4% from June 2021. Wayne County’s median home was 1,273 square feet for a listed price of $129 per square foot.

The Wayne County market was busy, with a median 30 days on market. A month earlier, homes had a median 29 days on market. The market added 2,536 new home listings in June, compared with the 2,440 added in June 2021. The market ended the month with some 3,219 listings of homes for sale.

The median home prices issued by Realtor.com may exclude much, or even most, of a market’s homes. The price and volume represent only homes that are single-family homes, condominums or townhomes. They include existing homes, but exclude most new construction as well as pending and contingent sales.

Information on your local housing market is available through the USA TODAY Network, with more data from Realtor.com.

Oakland County home prices drop 0.1% to $436,500

Oakland County’s home prices fell 0.1%, to a median $436,500, from a month earlier. The typical house was on the market for 21 days, from 15 days a month earlier. The typical 2,023-square-foot house had a list price of $214 per square foot.

Across metro Detroit, median home prices rose to $284,700, up 3.6% from a month earlier. The median home had 1,563 square feet, at a list price of $178 per square foot.

Across all of Michigan, median home prices were $282,450, rising 1.8% from a month earlier. The median Michigan home for sale had 1,647 square feet at list price of $169 per square foot.

Across the United States, median home prices were $450,000, up 0.7% from a month earlier. The median American home for sale had 1,887 square feet, listed at $228 per square foot.

The median home list price — the midway point of all the houses or units listed over a period of time — is used more often in this report instead of the average home list price because experts say the median offers a more accurate view of what’s happening in a market. In finding the average price, all prices of homes listed are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.

The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the Realtor.com residential listings database.. The story was written by Mike Stucka and Sean Lahman.


Leave a Reply

Your email address will not be published.