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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