Detroit MI Real Estate Market Trends Report

The National Association of REALTORS® has published the results of its quarterly sales survey and found that the median home price continues to rise in most metropolitan areas.  The median is a typical market price – meaning half of all homes sold for more, and half of all homes sold for less.

Lawrence Yun, NAR chief economist, said the data underscores the fact that all real estate is local.  “Some metro areas are hot, while others are experiencing localized problems,” he said.

The November sales statistics for the Metro Detroit area will give us a better idea of our local market:

 
Sale prices in Wayne County continued to drop in November 2007 when compared with November 2006.  The average sales price was down 22% this November, while the median price dropped a dramatic 54%.  The average market times remained the same from last year to this year.

Oakland County market activity continued to follow a similar as Wayne county in November 2007.  The average and median sales prices both decreased 21% to $150,613 and $133,000, respectively.