January 2018 metro Detroit housing data compared to prior month (December 2017):
- Number of homes for sale: 3,103 (29% decrease)
- Number of homes sold: 1,252 (6.4% decrease)
- Average days on market (DOM) for sold homes: 38 days (5% decrease)
- Median price of homes sold: $248,950 (12.8% increase)
- January 2018 new construction data year-over-year comparison:
New housing permits were up 12% in 2017 over 2016
New construction in metro Detroit enjoyed the best year since 2006
The National Association of Homebuilders is predicting a 5% jump in 2018 permits over 2017
We've seen a hefty jump in buyers seeking information on new construction homes in metro Detroit this month (compared to December). Based on conversations we've had with our builder friends, they're struggling to keep prices from rising due to the recent weather events, increased materials pricing, labor & land shortages, and more.
This translates into tight supply and rising prices in metro Detroit for new construction homes...and we don't see this trend stopping anytime soon in 2018.