Real Estate Market in Lenawee County: Slight Price Adjustment and Growing Trend in New Listings

The real estate market in Lenawee County shows an exciting dynamic. In August, the median listing price for a house was $285,000, which was 0.8% lower than the previous month's price of $286,350. However, compared to August 2023, this represented a price increase of 3.6%, as the median listing price then was $275,000. Interestingly, the analysis pertains to listed houses in Lenawee County and not to actual sales. For more in-depth insights into local real estate markets and other relevant community data, one can visit data.lenconnect.com. The median living space of a house in Lenawee County was 1,822 square feet, priced at $146 per square foot. This represents a slight decline of 0.6% compared to August 2023. The listings are moving quickly: The median listing duration was 44 days, while the national median in August was 53 days. By comparison, the median listing duration the previous month was 38 days. Approximately 136 new property listings were recorded in August, marking an 11.5% increase from the 122 new listings in August 2023. It is important to note that the median house prices reported by Realtor.com may exclude many market segments. The data encompasses only single-family homes, condos, or townhouses, and does not include new constructions or pending and contingent sales. In Michigan overall, the median price for a house was $299,900, reflecting a slight decrease from July. A typical house in Michigan had 1,632 square feet of living space and cost $181 per square foot. Nationally, the median listing price for a house in the USA was $429,990, with a slight decrease compared to the previous month. The median American property listed for sale had a living area of 1,853 square feet, priced at $228 per square foot. The median price category is a crucial indicator for market analyses, as it provides a more realistic depiction of the market than the average price, which could be skewed by extremely low or high values. For localized versions of this story, the USA TODAY Network uses data from Realtor.com. Feedback or corrections to this story can be left here. This article was written by Ozge Terzioglu.