Real Estate Market in Monroe County: Slight Decrease in Listing Prices in August

The average listing prices for residential properties in Monroe County experienced a slight decline in August. An analysis of data from Realtor.com shows that the median price for listed homes was $294,900, reflecting a 1.5% decrease from the previous month when the price was $304,900. However, compared to August 2023, the median price increased by 2% from the previous $289,250. It is noteworthy that these statistics exclusively pertain to listed homes for sale and not to properties that were actually sold. The median living area of homes listed in Monroe County was 1,739 square feet, with a price of $176 per square foot. Compared to the previous year, the price per square foot rose by 1%. Properties in Monroe County sold relatively quickly. The median time a home remained on the market in August was 33 days, whereas the national average was 53 days. In the previous month, the median time on the market was 27 days. A total of 164 new homes were listed in August, representing a 4.7% decrease from the 172 new listings in August 2023. The median prices published by Realtor.com can exclude many or even most properties in a market. They refer only to single-family homes, condominiums, or townhouses, excluding most new constructions and homes with pending or contingent sales. In Michigan overall, the median price was $299,900, also a slight decrease from July. The median living area was 1,632 square feet at a price of $181 per square foot. On a national level, the median price for listed homes was $429,990, a slight decline from the previous month. The median living area of a home for sale was 1,853 square feet at a price of $228 per square foot. The median price used in this report represents the midpoint of all homes or units listed over a certain period. Experts point out that the median offers a more accurate view of the market than the average price, which is determined by dividing the sum of all listing prices by the number of homes sold and can be skewed by particularly low or high prices. This article was written by Ozge Terzioglu and published by the USA TODAY Network on various local news websites.