How to Read Housing Market Stats

There are many housing statitics and tables out there that do not mean much except to be a general guide in making a decision on buying a Michigan home or selling your Michigan Home.

For Example: the table below show how long homes in Wayne County, Michigan have been on the market by price range.  The only 2 things it really tells you is the average time on the market for Wayne County homes in all price ranges for sold and listed homes.  Should you price your home according to the break points in the table.  Probably not.  You would be better off to get a city statistic of how long homes are on the market and how long they take to sell.  Then that would still only tell you what price range homes are selling better.  See the Canton Homes for sale statistic below.  See how in the $200,000 -$250,000 range more homes sold and were on the market a shorter period than homes priced over $250,000.
See Below for more on housing stats

Wayne County Real Estate Price Statistics

Num of Listings   7400
 
5550
3700
1850
 
0 
7404 4471 2485 1367 808 548
  R1 R2 R3 R4 R5 R6
 
Price Range


Price Statistics Legend
Range Name Price Range Number of Listings Days on Market
R1 100000 to 150000 7404 116
R2 150001 to 200000 4471 128
R3 200001 to 250000 2485 136
R4 250001 to 300000 1367 151
R5 300001 to 350000 808 139
R6 350001 to 400000 548 155
For the 17083 listings: For the 10924 Sold listings:
Average List Price $187,327.00 Average Sold Price $180,774.00
Median List Price $164,900.00 Median Sold Price $160,000.00
Highest List Price $549,000.00 Highest Sold Price $400,000.00
Lowest List Price $1,100.00 Lowest Sold Price $100,000.00
Average Market Time 127 Average Market Time 111

Canton Homes and Canton Real Estate
Price Statistics Legend
Range Name Price Range Number of Listings Days on Market
R1 100000 to 125000 19 112
R2 125001 to 150000 66 121
R3 150001 to 175000 181 109
R4 175001 to 200000 321 127
R5 200001 to 225000 269 118
R6 225001 to 250000 230 113
R7 250001 to 275000 169 145
R8 275001 to 300000 147 140
R9 300001 to 325000 120 101
R10 325001 to 350000 114 125
R11 350001 to 375000 82 163
R12 375001 to 400000 76 144
For the 1794 listings: For the 1269 Sold listings:
Average List Price $250,904.00 Average Sold Price $243,621.00
Median List Price $237,500.00 Median Sold Price $230,000.00
Highest List Price $459,000.00 Highest Sold Price $400,000.00
Lowest List Price $1,100.00 Lowest Sold Price $104,500.00
Average Market Time 125 Average Market Time 113
Home and Price Statistics such as average time on the market, median home price, average price per square foot, or average sold price should not be how you price your home.  It is general information.  Use your real estate agents comparative market analysis (CMA) to price your  Michigan home.  Use the rest just as general information.  Averages should not govern your pricing decision of your home.  Price your home right and it will sell.