Is Wayne County, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
Since last year, Wayne County has remained a Seller's Market.
Key Takeaway
Wayne County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Wayne County, MI
How much do homes in Wayne County, MI cost?
Median Sold Price
$175,263
$145/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Wayne County have sold for 2.6% less than they did a year ago.
Summary: The median home sold price in Wayne County was $175,263 in November 2023, down 2.6% from last year, and the median price per square foot was $145.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $92.5K | $100K | +8.1% |
| 2 Bedrooms | $137.5K | $138.5K | +0.7% |
| 3 Bedrooms | $171.5K | $167.6K | -2.2% |
| 4 Bedrooms | $312.4K | $313.2K | 0.3% |
| 5+ Bedrooms | $331.2K | $333.8K | +0.8% |
Summary: Wayne County housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 8.1%, 2 bedroom homes increased by 0.7%, 3 bedroom homes decreased by 2.2%, 4 bedroom homes increased by 0.3%, and 5+ bedroom homes increased by 0.8%.
Median Sold Price Compared To Nearby Counties
| Macomb County | $224.9K | $231.6K | +3.0% |
| Monroe County | $229.8K | $235K | +2.2% |
| Oakland County | $319.9K | $326.7K | +2.1% |
| Wayne County | $179.9K | $175.2K | -2.6% |
Housing Supply in Wayne County, MI
How many homes are available in Wayne County, MI?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 6,076 | 6,063 | -0.2% |
Summary: The Wayne County real estate market had 6,063 homes for sale in November 2023, a 0.2% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 103 | 100 | -2.9% |
| 2 Bedrooms | 978 | 990 | +1.2% |
| 3 Bedrooms | 3,671 | 3,659 | -0.3% |
| 4 Bedrooms | 1,048 | 1,023 | -2.4% |
| 5+ Bedrooms | 276 | 291 | +5.4% |
Summary: The Wayne County housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 2.9%, 2 bedroom homes increased by 1.2%, 3 bedroom homes decreased by 0.3%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes increased by 5.4%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 1,543 | 1,252 | -18.9% |
Asking Price vs. Sold Price
569 Homes Were Sold
Under Asking
211 Homes Were Sold
At Asking
472 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Wayne County, you may be able to get a good deal. 45.4% of homes here sold below asking price last month.
Summary: A total of 1,252 homes were sold or pending in Wayne County in November 2023, down by 18.9% month-over-month. Of the 1,252 sold homes, 45% were sold under asking, 17% were sold at asking, and 38% were sold over asking.
Days on Market for Wayne County, MI
How long does it take to sell a home in Wayne County, MI?
Average Sale Time
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 49 Days | 29 Days | -41.2% |
Summary: Homes in Wayne County had an average of 29 days on market in Nov 2023, down by 41.2% compared to last year.
Breakdown of Home Sale Times
918 Homes Were Sold
Under 30 Days
248 Homes Were Sold
In 30 - 90 Days
86 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Wayne County are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 1252 homes were sold in Wayne County; 73% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
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