Pending home sales, prices jump in Detroit area

SOUTHFIELD—The Detroit housing market continues to grow, pandemic or no, according to the Southfield-based Greater Metropolitan Association of Realtors.

It continues to be a seller’s market, with new listings falling 12.6 percent from August 2019 to August 2020 to 12,003 homes. Meanwhile, pending sales rose 18.3 percent year over year to 10,146.

The median sale price jumped 12 percent over the year to $209,500, while the average sale price rose 10.1 percent to $248,692.

Closed Sales increased 4.5 percent for Residential homes and 5.4 percent for Condo homes. Pending Sales increased 17.1 percent for Residential homes and 27.1 percent for Condo homes. Inventory decreased 41.4 percent for Residential homes and 16.1 percent for Condo homes.

More information on the Detroit-area housing market may be found at gmaronline.com/resources/library.

In a statement, association officials said: “As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.”

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.