Newly released data from Realtor.com for May shows that potential buyers and sellers in Lenawee County saw homes sell for more than the previous month’s median sales price of $197,900.
The median home sold for $219,000, according to an analysis of Realtor.com data. That means May, the most recent month for which figures are available, was up 10.7% from April.
Compared to May 2023, the average home sales price increased 32.7% to $219,000 from $165,000.
Realtor.com pulls sales data from real estate deeds, resulting in a several-month lag in up-to-date data. The statistics do not include homes currently for sale and are not directly comparable to listings data.
Information about the housing market in your area and other useful community data can be found at data.lenconnect.com.
Looking at single-family homes alone, the median sales price of $215,500 in Lenawee County in May was up 15.5% from $186,500 the month before. Since May 2023, single-family sales prices have increased 31.8% from a median of $163,500.
Two single-family homes sold for $1 million or more in the past month, compared to one transaction of at least $1 million in May 2023.
Condominiums and townhomes fell 1.9% in sales price in May to a median of $289,900 from $295,500 in April. Compared to May 2023, condominium and townhome sales price fell 9.4% to $320,000. No condominiums or townhomes sold for $1 million or more in May.
In May, the number of registered sales in Lenawee County decreased 13.7% from May 2023, from 161 to 139. Total residential home sales were $36.5 million.
In Michigan, homes sold for a median of $249,986 in May, up 10.2% from $226,758 in April. There were 10,922 recorded sales in the state in May, down 12.5% ​​from 12,482 recorded sales in May 2023.
The total value of registered home sales in Michigan increased 22%, from $2.6 billion in April to $3.2 billion in May.
Of all homes sold in Michigan in May, 1.5% were sold for at least $1 million, up from 1.29% in May 2023.
Single-family home sales prices in Michigan rose 9.1% from a median of $220,000 in April to $240,000 in May. Since May 2023, single-family home sales prices in the state have increased 9.2% from $219,747.
Statewide, condo and townhome sales prices rose 6.2% from a median of $272,860 in April to $289,900 in May. The median condo and townhome sales price rose 8.8% from a median of $266,530 in May 2023.
The median home sales price used in this report represents the midpoint of all homes or units listed during the given time period. The median provides a more accurate picture of what is happening in a market than the average sales price, which would be to take the sum of all sales prices and divide it by the number of homes sold. The average can be skewed by one particularly low or high sale.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated using data from Realtor.com. Leave feedback or corrections for this story here. This story was written by Ozge Terzioglu.
This article originally appeared on The Daily Telegram: Homes in Lenawee County Have Recently Sold for Higher Prices: Here’s How Much
