Michigan housing markets saw home sale prices dip in the first quarter of the year.
Median home sale prices dropped in Detroit (-5%), Flint (-11%), Lansing (-7%) and Grand Rapids (-6%) in the first three months of 2024 compared to the last quarter of 2023.
The report is from ATTOM, a company that tracks the real estate industry. ATTOM noted prices often fall during the slower winter home-selling season each year, but the latest decrease marked one of the largest quarterly declines over the past 10 years.
“The latest price and profit numbers show notably downward trends, which raises new questions about whether the housing market boom is indeed ebbing, or even ending, after so many years of improvement,” said Rob Barber, ATTOM CEO.
On a positive note, year over year median home sale prices were actually higher in the first quarter of 2024 compared to the first three months of 2023 in Detroit (+5%), Grand Rapids (+7%) and Lansing (+4). Flint median home prices were unchanged.
