Home Prices Climb In Metro Detroit As Listings Continue To Shrink
DETROIT (WWJ) - Metro Detroit home prices continue to climb as inventories continue to do a disappearing act.
Karen Kage, with the real estate tracking firm RealComp, says the median January sales price was up 7.5 percent over January 2016 to $144,000. At the same time, however, the number of listings plummeted nearly 40 percent.
"We really want to see some kind of balance there to see that inventory come up," Kage told WWJ's Scott Ryan. "I know that a lot of people don't want to hear me say we don't want the prices to continue to rise, but we just want to make sure that the homes are available for people who are looking to purchase."
Kage thinks many would-be sellers are hesitant to do so because there's not as much to choose from in terms of buying. She's expecting the market to pick up even more come spring.
The top 10 communities with the most sales in January were:
- Detroit
- Warren
- Sterling Heights
- Clinton Township-Macomb
- Royal Oak
- Livonia
- Canton Township
- Macomb Township
- Dearborn
- Westland
