Downriver home sales slowing in number, but increasing in price – The News Herald

Downriver home buyers tapped the brakes in June, with closed sales trailing the year-earlier month by more than 21%.

But even as sales slowed, the median selling price for a Downriver home increased nearly 16% – to $197,000 – compared with June 2021.

Sales data reported by Realcomp, Michigan’s largest multiple listing service, showed the Downriver area in line with trends in Wayne County and metropolitan Detroit.

Ronald Fox

“We’re still in a seller’s market, even as we see somewhat of a slowdown in sales,” said Ronald Fox, broker and designated Realtor with Downriver Homes in Wyandotte.

Fox, a Downriver native, said home buying this summer remains fast-paced and competitive, but does not match the pandemic-driven frenzy of the past year or so.

“Where a seller might have seen 14 offers last year, there are seven or so this year,” he said.

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