Is Bingham Farms, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Bingham Farms has remained a Seller's Market.
Housing Prices in Bingham Farms, MI
How much do homes in Bingham Farms, MI cost?
Median Sold Price
$515,000
$230/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Bingham Farms was $515,000 in April 2024, up 9.3% from last year, and the median price per square foot was $230.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $429.9K | $402.5K | -6.4% |
3 Bedrooms | $435K | $485K | +11.5% |
4 Bedrooms | $575.1K | $730K | +26.9% |
5+ Bedrooms | $1.5M | $1.6M | +8.5% |
Summary: Bingham Farms housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 6.4%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 26.9%, and 5+ bedroom homes increased by 8.5%.
Median Sold Price Compared To Nearby Cities
Bingham Farms | $471K | $515K | +9.3% |
Beverly Hills | $475K | $513K | +8.0% |
Southfield | $215K | $225K | +4.7% |
Southfield Township | $269.2K | $260.7K | -3.1% |
Franklin | $846.5K | $673.5K | -20.4% |
Housing Supply in Bingham Farms, MI
How many homes are available in Bingham Farms, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
3 | 8 | +166.7% |
Summary: The Bingham Farms real estate market had 8 homes for sale in April 2024, a 166.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 0 | 1 | +100.0% |
3 Bedrooms | 2 | 3 | +50.0% |
4 Bedrooms | 0 | 2 | +100.0% |
5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Bingham Farms housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
0 | 2 | +100.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 2 homes were sold or pending in Bingham Farms in April 2024, up by 100.0% month-over-month. Of the 2 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Bingham Farms, MI
How long does it take to sell a home in Bingham Farms, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
253 Days | 92 Days | -63.6% |
Summary: Homes in Bingham Farms had an average of 92 days on market in Apr 2024, down by 63.6% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During April 2024, 2 homes were sold in Bingham Farms; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.