DETROIT – Fewer Metro Detroiters are selling their homes this year compared to recent years, data shows.
In Michigan’s most populous counties in Metro Detroit -- Macomb, Oakland and Wayne -- the year-over-year decline in home sales from 2021 to the present hasn’t been severe, but it’s been noticeable. The trend in Metro Detroit mimics a trend seen throughout the U.S. this year: Sales of previously occupied homes have been on the decline.
In June, home sales fell to the slowest pace since January due to a “near-historic low number of homes for sale.” The low inventory, combined with ever-increasing mortgage rates designed to help fight inflation, has led to fewer sales in recent months.
The low inventory of available houses is also keeping prices high for houses that are on the market. Many homes continue to sell above asking price due to the high demand.
Here, we’re looking at the average home value in Metro Detroit, and how home sales have changed in Macomb, Oakland and Wayne counties in recent years.
Average home value in Metro Detroit
In all of Michigan, the median home sale price was $260,400 as of July.
Once you get outside the immediate suburbs surrounding Detroit, home values typically go well beyond that figure. While a home’s value and their sale price are not synonymous, home values most certainly influence its price when it’s listed on the market.
Here’s a look at current home values in the Metro Detroit area.
(Tip: Hover over a city to see the average home value in that area, or switch over to the “data table” tab to see the numbers listed by city, zip code and the average value amount.)
Home sales by Metro Detroit county
Home sales in 2019 were strong, though there was still a limited inventory of houses for sale, according to experts. Still, sales mostly followed typical trends, with more sales in the warmer months and fewer sales in the colder months.
Though the inventory was limited in 2019, and home prices were rising (as they had been for years), mortgage rates were low enough to encourage buyers and drive demand. In Metro Detroit’s largest counties, home sales were steady before the pandemic.
At the beginning of the pandemic in 2020, home sales significantly dropped in Metro Detroit -- at least, before shooting right back up again and peaking in August that year. The jump in home sales in mid-to-late 2020 was largely driven by people’s desires to change their living situations to better fit their needs amid the pandemic, such as wanting more space in the home, industry experts say.
Home sales remained higher in 2021 and 2022, even during seasons that typically don’t see as many sales (as you’ll see compared to 2019). Home sales have dropped slightly this year.
Below, you can see the home sales data for Macomb, Oakland and Wayne counties from 2019 to the present.