DETROIT (WWJ) – Home sales are up in metro Detroit. Realcomp says about 500 more homes sold this July over last year in all but Wayne County. CEO Kelly Sweeney of Caldwell Banker-Weir Manuel Realtors says homes are selling for more, too.
“Again, we are at the bottom, prices can only go up from here, I think for young people or anybody … the next 10-15 years it looks like a very positive appreciation for real estate,” said Sweeney.
“In certain markets now particularly south Oakland County, Birmingham, Bloomfield … the Woodward corridor, we are finding actual price appreciation, a shortage of inventory, very, very good buyer activity, and in many cases it’s multiple offers and it’s over asking (price),” said Sweeney.
Sweeney says median sale prices were up over $6,000 dollars over last year.