Metro Detroit housing prices up 42% from last year

Nov 12, 2013

Median housing prices in Metro Detroit are up 42 percent over last year, according to the Realcomp real estate listing service.

Prices have been rising steadily for the past ten months.

The report showed an increase in housing prices from last October. Realcomp surveyed 13 areas in Michigan. There was a 40% increase in prices overall. Macomb County saw the greatest increase, jumping from a median price of $82,000 to $119,900. Lapeer County saw the smallest increase, at 6 percent.

Housing prices are increasing in Michigan.
Housing prices are increasing in Michigan.
Credit Steve Carmody / Michigan Radio

Karen Cage is the C.E.O. of Realcomp. She says housing prices are going up across the state.

Cage says increased prices will let people who want to sell their homes get a better price.

"Now that these prices are coming up, now they're able to go ahead and put their property on the market," she said. "The value of it has gone up enough to where they can make that sale."

Cage says this will also increase the options for people who want to buy homes.

"For those who are looking to purchase, we have more people interested in putting their homes on the market so it gives them a little more to choose from."

But, Cage adds, properties are selling fast -- so fast that the inventory of available homes has shrunk. And low inventory translates to higher prices. She says on average, houses spend about 56 days on the market.

-Sarah Kerson, Michigan Radio Newsroom