Newly released data from Realtor.com for March shows potential buyers and sellers in Lenawee County saw homes sell for less than the previous month’s median sales price of $222,000.
The average home sold for $200,000, an analysis of data from Realtor.com shows. This means that March, the most recent month for which figures are available, was 9.9% lower than February.
Compared to March 2023, the average home sales price was up 14.3% to $200,000, up from $175,000.
Realtor.com pulls sales data from real estate deeds, resulting in a delay of a few months in up-to-date data. The statistics do not include homes currently for sale and are not directly comparable to listing data.
Information about your local housing market, along with other useful community data, is available at data.lenconnect.com.
Looking only at single-family homes, the median sales price of $199,875 in Lenawee County in March was down 10% from $222,000 the month before. Since March 2023, single-family home sales prices have increased 14.2% from an average of $175,000.
One single-family home sold for $1 million or more this month, compared to zero recorded transactions of at least $1 million in March 2023.
Sales prices for condos and townhomes rose 20.1% in March to an average of $300,250, compared to $249,950 in February. Compared to March 2023, the sales price of condos and townhomes was down 22.8% from $389,000. No condos or townhomes sold for at least $1 million or more in March.
In March, the number of recorded sales in Lenawee County since March 2023 increased 13.2% from 91 to 103. All residential sales totaled $25.4 million.
In Michigan, homes sold for a median value of $220,000 in March, up 2.3% from $214,988 in February. There were 8,421 recorded sales across the state in March, down 16.8% from the 10,124 recorded sales in March 2023.
The total value of recorded home sales in Michigan rose 5.9% from $2.1 billion in February to $2.2 billion in March.
Of all home sales in Michigan, 1.43% of homes sold for at least $1 million in March, up from 0.9% in March 2023.
Single-family home sales prices in Michigan rose 5%, from an average of $200,000 in February to $210,000 in March. Since March 2023, the sales price of single-family homes across the state has increased 5% from $200,000.
Across the state, sales prices for condos and townhomes fell 5.4%, from an average of $274,750 in February to $260,000 in March. The median sales price of condos and townhomes fell 1.9% from the median of $265,000 in March 2023.
The median home sales price used in this report represents the midpoint of all homes or units listed during the given period. The median provides a more accurate picture of what’s happening in a market than the average sales price, which would involve taking the sum of all sales prices and then dividing it by the number of homes sold. The average can be distorted by one particularly low or high sale.
The USA TODAY Network is publishing localized versions of this story on its news sites nationwide, generated with data from Realtor.com. Please leave any 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 recently sold for lower prices: See how much here
