July 15, 2025
Nik Rajkovic / news@whmi.com
Livingston County saw year-over-year homes sales in June remain relatively flat, with the median sales price edging lower compared to a year earlier.
According to Realcomp, the number of closed sales year-over-year across Southeast Michigan was up 3% in June. New listings were up 12.3%, while homes on the market was up nearly 22%. The number of days on the market was up to 31 days.
“Listings are starting to go up and they’re staying on the market a little longer, and it’s probably because as prices go up, it makes it a little harder to reach them,” he said. “So, some people are stepping out of the market.”
“Even though these numbers reflect a minimal increase, there’s been a pretty significant amount of activity increase around the Fourth of July and on into July so far. I expect these numbers will increase.”
The median sales price in Livingston County last month was just over $406,000, compared to nearly $441,000 in Washtenaw County, $380,000 in Oakland County and $220,000 in Genesee County.
Mortgage rates unilaterally increased to about 6.8% for a 30-year mortgage, and the annualized pace of inflation grew for the second straight month.
“I don’t believe there’s an expectation by many that whether Fed Chair Jerome Powell reduces the rate or not, it’s going to have much of an impact on mortgages,” said Griffith. “There’s a lot of factors that go into play on it. Following the 10-year Treasury bill rate, they’ve actually gone up a little bit.”
As higher home prices continue, many first-time buyers are left renting or choosing condos instead.
“Those are more personal choices, not like an economic choice necessarily,” said Griffith. “If prices push up and those (condos) stay down, it’s easier to get into those. If you’re a first-time buyer, that may be the best solution for you.”
Read Realcomp’s latest data attached below.
