Less Inventory, Higher Sale Prices in Wayne County Housing Market

Home prices rose significantly in Wayne County while there were fewer properties on the market, according to Realcomp statistics from June 2013 compared to June 2012. 

The average sale prices jumped about 55 percent for the county. Meanwhile, there was a nearly 39 percent drop on inventory during that time frame. The number of foreclosure sales was down approximately 34 percent from last year, but the regular home sales was up by about seven percent, the figures show.

Home owners can still be encouraged because fewer distressed sales have created a housing environment favorable to sellers in Metro Detroit.

"Mortgage interest rates have started to climb but remain low historically. Low interest rates will continue to help fuel the housing recovery," Brian Powers of Keller Williams Realty said.

In Wayne County, the median sale price on a non-foreclosure house was $105,000--up from $80,000, in the same time frame, the RealComp figures show.