Southeast Michigan Housing Market Update — August 2026

Every month I break down what's actually happening in the Metro Detroit market — real numbers, not headlines — so you know what your home is worth and what to expect if you're buying. Here's what July's closings tell us.

The headline: prices hit a 2026 high, sales cooled a touch

The median sale price across Metro Detroit climbed 4.8% to $348,625 in July — the highest of the year so far, according to the latest RE/MAX of Southeastern Michigan housing report. At the same time, sales dipped 1.6% from last July (4,578 homes vs. 4,654), and the average home took 25 days to sell — four days longer than a year ago. The culprit: a mid-July jump in mortgage rates that made some buyers pause and rethink their budgets.

County by county

Macomb County led the region on price: the median jumped 5.5% to $295,500, from $280,000 a year ago. Oakland County rose 4.4% to $401,750 — and Oakland homes sold the fastest in the region, averaging just 22 days on market. Wayne County gained 2.3% to $230,000, and the city of Detroit was up 4.8% to $110,000. Sales volume slipped modestly in all three counties — Oakland down 2.3%, Wayne down 1.9%, Macomb down 1.4% — while Livingston County and Detroit actually sold more homes than last July.

Mortgage rates: the wildcard

The 30-year fixed averaged 6.69% in early August per Freddie Mac, up from the mid-6.5s earlier in the summer — and that quick spike is exactly what took some steam out of July. The 15-year sits at 6.01%. Nobody can promise where rates go next, but here's what I tell my clients: you buy the house, you date the rate. If rates drop later, you refinance; if they rise, you locked in today's price.

What this means if you're selling

Record prices don't mean every home wins. As the RE/MAX report put it, buyers have the widest selection they've had in some time — so well-priced, move-in ready homes keep attracting offers while overpriced or tired listings sit. With homes averaging 25 days on market, presentation and pricing matter more than they did in the spring. The playbook: prep the house before listing, price from real comps, and capture that 2026-high median. If you want to know what your home would actually sell for right now, I'll run the comps for you free — no pressure, no obligation.

What this means if you're buying

This is the most selection you've had in years, and homes taking a few extra days to sell means less frenzy and more negotiating room — especially on listings that have sat past the two-week mark. Yes, 6.69% stings compared to earlier this summer, but a rate dip will bring the crowds back fast. Get pre-approved and ready, target the homes with a little market time on them, and you can win deals that weren't possible two years ago.

Sources: RE/MAX of Southeastern Michigan July 2026 Housing Report; Freddie Mac Primary Mortgage Market Survey, August 6, 2026. Market data reflects July 2026 closings in Macomb, Oakland, and Wayne counties.