NewsState

Actions

Moving fast: Homes priced at $500K and below are on the market for an average of 22 days

House prices
Posted at 1:41 PM, May 04, 2021
and last updated 2021-05-04 13:41:19-04

(WSYM) — It's a good time to be a seller. The real estate market may seem like the Wild Wild West these days across Michigan and throughout the country with increased demand and a lower supply.

According to local market trends for March from RE/MAX of Southeastern Michigan, houses are on the market an average of 30 days, compared to 49 days in March of 2020. Nationally, the average is about 38 days from a listing to a signed contact. The median sales price is also up just over 16 percent in Southeast Michigan, from $219,500 in March of 2020 to $254,750 now.

We reached out to RE/MAX of Southeastern Michigan to get a breakdown of the price ranges that are moving the fastest in this market across Oakland, Wayne, Macomb and Livingston counties.

  • Homes priced at $500,000 and below are on the market for an average of 22 days.
  • Homes priced at $500,000 - $750,000 are on the market for 49 days.
  • Homes priced at $750,000 - $1,000,000 are on the market for 53 days.
  • Homes over 1 million are on the market for 78 days.

Macomb County has seen the greatest difference in days on the market, 43.2 percent to be exact, from March 2020 to March 2021, according to RE/MAX's housing report. Last year, houses were on the market on average for 44 days in the county compared to just 25 days now.

SEMI Housing Report Mar 2021 (1) by WXYZ-TV Channel 7 Detroit on Scribd