Increased inventory is helping to somewhat offset sky high home prices in Livingston County.

The latest Realcomp numbers for July show the median sales price for a single-family home was $400,000. There were 449 units on the market in July, compared to 398 a year earlier.

Year-over-year July sales in Livingston County were down nearly 17%, but virtually unchanged from the month before. The average home was on the market for 38 days, compared to 21 days in July 2023.

"Property values continue to go up. But the number of units is increasing," says realtor Darraly Bowers. "This should give buyers a little bit more negotiating power because there's more things to choose from and perhaps sellers might be a little more negotiable."

Bowers says lower interest rates and bank incentives also are helping would-be buyers.

"Bank of America has a huge incentive. Bank of Ann Arbor is getting ready to do an incentive program, or they'e already announced it," she says.

"They're getting incentives and it's possible for the seller to pay closing costs. It's just a lot of things going on, and I think we're going to see the market wake up a little bit."

The median sales price in Washtenaw County last month was $440,000 and just over $366,000 in Oakland County.