Newly released data from Realtor.com for May shows that prospective buyers and sellers in Monroe County saw homes sell for more than the previous month’s median sales price of $230,000.
The median home sold for $270,000, according to an analysis of Realtor.com data. That means May, the most recent month for which figures are available, was up 17.4% from April.
Compared to May 2023, the average sales price of a home has increased by 17.4% from $230,000 to $270,000.
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.
For information about the housing market in your area and other useful community data, visit data.monroenews.com.
Looking at single-family homes alone, the median sales price of $260,000 in Monroe County in May was up 14.7% from $226,744 the month before. Since May 2023, single-family sales prices have increased 19.5% from a median of $217,500.
There were no single-family homes sold this month for $1 million or more.
Condominiums and townhomes rose 12.2% in sales price in May to a median of $317,000 from $282,450 in April. Compared to May 2023, condominium and townhome sales price was down 5.9% to $337,000. No condominiums or townhomes sold for $1 million or more in May.
In May, the number of registered sales in Monroe County decreased by 18.5% compared to May 2023, from 222 to 181. The total value of all residential sales was $50.2 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 Monroe News: Monroe County Homes Have Recently Sold for Higher Prices: See How Much
