Real Estate Update: Median Home Sales in Livingston County Drop to $322K
The most recent data release for October reveals a significant shift in Livingston County’s housing market, with median home sales falling from $350,000 the previous month to $322,000.
According to Realtor.com, median prices have decreased by 8%.
Yearly Comparison Highlights Trends
A continuing trend in the county’s real estate sector is highlighted by the fact that the average sales price has decreased by 2.1% compared to October 2022.
Single-Family Homes and Condos/Townhomes Show Varied Trends
Breaking down the data, single-family homes in Livingston County experienced a 4% decrease in median selling prices, settling at $336,000 in October.
On the other hand, condominium and townhome prices saw a more significant decline of 12.1%, reaching a median of $310,000.
Sales Volume and Total Value
Livingston County experienced a significant drop in the number of registered sales in October, which went from 345 to 177, representing a year-over-year decrease of 48.7%.
The overall value of all residential home sales reached $62.8 million, despite the fact that this declining trend continued.
Broader Michigan Trends
The median price of a property in the state of Michigan dropped from $231,758 in September to $220,737 in October, representing a decrease of 4.8%. This is an indication of the state’s real estate landscape.
When compared to October 2022, the total sales that were recorded across the state likewise declined by 22.5%.
Michigan Townhome Median Price Falls to $260,000
There was a 4.6% decrease in the median price of condominiums and townhomes in the state of Michigan in October, with the price coming in at $260,000, compared to $272,415 in September.
On the other hand, the median sales price showed a 4% increase from October 2022 to the current month.
Read some similar types of news below:
- Muskingum County Sees Drop in Median Home Sales to $180,450
- Sales of Homes and Median Prices in Los Angeles Drop in October
- Market Update: 1.2% Decline in Lake County Home Prices Last Month
Understanding the Median Home Sales Price Metric
It’s crucial to note that the median home sales price, used in this report, offers a more accurate reflection of the market than the average sales price.
The median eliminates potential distortions caused by exceptionally high or low sales figures, providing a clearer picture of the housing market’s current state.
