2024 Southeast Michigan Housing Market Update

The Southeast Michigan housing market continues to show resilience heading into the final months of 2024. Despite higher interest rates compared to the historic lows of 2021, buyer demand remains strong across Macomb, Oakland, and Wayne counties. Inventory has improved slightly from the extreme lows seen in 2023, giving buyers a few more options to choose from.

Key Market Statistics

• Median Sale Price (Macomb County): $265,000, up 4.7% year-over-year
• Median Sale Price (Oakland County): $365,000, up 5.2% year-over-year
• Average Days on Market: 22 days across the tri-county area
• Inventory: 2.1 months of supply, still firmly a seller's market

Homes priced correctly and in move-in condition are still receiving multiple offers, especially in desirable school districts. Sellers who invest in pre-listing preparation and professional staging are seeing the strongest returns. For buyers, working with an experienced local agent is more important than ever to navigate competitive situations and negotiate favorable terms.

Looking ahead to 2025, most economists predict a gradual stabilization of mortgage rates, which could bring additional buyers back into the market. If you are considering buying or selling, now is the time to connect with a REALTEAM agent to discuss your strategy.