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Detroit Area Housing Market: January 2024




Detroit Area Home Sales January 2024

 

 

The number of homes sold in Detroit was very similar in January of 2024 compared to January of 2023, but prices are up significantly.

 

Oakland County Home Sales:

 

Homes Sold:                2023- 995            2024- 997

$1mm + Homes          2023- 24              2024- 32

 

Average Sales Price   2023- $366,444   2024- $403,000

 

 

Wayne County Home Sales:

 

Homes Sold:                2023- 926         2024- 961

$1mm + Homes          2023- 2              2024- 4

 

Average Sales Price   2023- $203,965   2024- $221,340

 

 

Macomb County Home Sales:

 

Homes Sold:                2023- 713          2024- 577

$1mm + Homes          2023- 1               2024- 3

 

Average Sales Price   2023- $239,429   2024- $259,570

 

 

The largest take surprises are the 9.97% increase in average price in Oakland County and 19% drop in units in Macomb. The increase in $1mm+ homes has been common in all of our markets, we are seeing a large number of liquidity events, wealth transfer and surprisingly down sizing into $1mm+ homes.

 

Excited to see how this plays out going forward in 2024.

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