Detroit Home Prices Jump To All-Time High of $110,000 in August

Detroit's housing market hit a milestone this August. The median price reached $110,000 - a 16% spike from 2024. This sets a new record for the city, based on data from RE/MAX of Southeastern Michigan.

The city's growth outshines the broader metro area. While Detroit soared, the surrounding region saw just a 4.4% rise to $332,500. These stats cover sales across four counties: Livingston, Macomb, Oakland and Wayne.

"Buyers remain engaged, though more selective, and recent declines in interest rates are offering welcome relief on affordability," said Jeanette Schneider, president of RE/MAX of Southeastern Michigan, according to CBS Detroit.

Each county tells its own story. Wayne saw an 8.8% climb to $223,000. Macomb's prices went up 5.7%, reaching $280,000. Oakland homes now cost $385,000 - up 3.5%. Livingston inched up 2.3% to $394,000.

Sales paint a mixed picture. Detroit dropped 7.9%. Wayne fell 6.5%. Livingston slipped 2.1%. Macomb barely changed with a tiny 0.2% drop. Yet Oakland stood out, with sales rising 2.9%.

Detroit houses now sell in 46 days - two days quicker than last August. Metro Detroit properties take 24 days to sell, just one day more than 2024.

The market shows signs of opening up. Housing stock grew to 2.8 months from last year's 2.4. Current deals dropped 13% from July, while yearly pending sales dipped less than 1%.

"As we move into fall, the market is creating opportunities on both sides of the transaction," Schneider said per DBusiness Magazine. "Sellers continue to see solid activity, but accurate pricing is essential to draw serious buyers."