Is Wayne County, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
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
$184,905
$149/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Wayne County have sold for 3.2% more than they did a year ago.
Summary: The median home sold price in Wayne County was $184,905 in May 2024, up 3.2% from last year, and the median price per square foot was $149.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $97.7K | $110K | +12.5% |
| 2 Bedrooms | $139.1K | $143K | +2.8% |
| 3 Bedrooms | $169.9K | $174.9K | +2.9% |
| 4 Bedrooms | $311.2K | $313.1K | +0.6% |
| 5+ Bedrooms | $329.8K | $328K | -0.6% |
Summary: Wayne County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.5%, 2 bedroom homes increased by 2.8%, 3 bedroom homes increased by 2.9%, 4 bedroom homes increased by 0.6%, and 5+ bedroom homes decreased by 0.6%.
Median Sold Price Compared To Nearby Counties
| Macomb County | $229.2K | $240.2K | +4.8% |
| Monroe County | $229.9K | $240K | +4.4% |
| Wayne County | $179.1K | $184.9K | +3.2% |
| Oakland County | $324.8K | $334.7K | +3.0% |
Housing Supply in Wayne County, MI
How many homes are available in Wayne County, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5,762 | 6,359 | +10.4% |
Summary: The Wayne County real estate market had 6,359 homes for sale in May 2024, a 10.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 114 | 118 | +3.5% |
| 2 Bedrooms | 948 | 1,019 | +7.5% |
| 3 Bedrooms | 3,392 | 3,730 | +10.0% |
| 4 Bedrooms | 1,038 | 1,164 | +12.1% |
| 5+ Bedrooms | 270 | 328 | +21.5% |
Summary: The Wayne County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 3.5%, 2 bedroom homes increased by 7.5%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 12.1%, and 5+ bedroom homes increased by 21.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,471 | 1,451 | -1.4% |
Asking Price vs. Sold Price
560 Homes Were Sold
Under Asking
237 Homes Were Sold
At Asking
654 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Wayne County, you could pay more than the asking price. 45.1% of homes here sold above asking price last month.
Summary: A total of 1,451 homes were sold or pending in Wayne County in May 2024, down by 1.4% month-over-month. Of the 1,451 sold homes, 39% were sold under asking, 16% were sold at asking, and 45% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 27 Days | 28 Days | +5.2% |
Summary: Homes in Wayne County had an average of 28 days on market in May 2024, up by 5.2% compared to last year.
Breakdown of Home Sale Times
1,095 Homes Were Sold
Under 30 Days
245 Homes Were Sold
In 30 - 90 Days
111 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 May 2024, 1451 homes were sold in Wayne County; 75% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource. 
© 2024 Water Wonderland MLS, Inc © All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Water Wonderland MLS (WWLX). Real estate listings held by brokerage firms other than this broker are marked with the WWLX logo and the detailed information about said listing includes the listing office.The listings displayed come from various Water Wonderland Board of REALTORS® member offices who have chosen to participate in WWBR. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the site hosting broker(s), nor the listing broker or Water Wonderland Board of REALTORS® shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.