Is Birmingham, 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, Birmingham has remained a Seller's Market.
Housing Prices in Birmingham, MI
How much do homes in Birmingham, MI cost?
Median Sold Price
$742,813
$359/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Birmingham was $742,813 in April 2024, up 19.9% from last year, and the median price per square foot was $359.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $195.8K | $295K | +50.6% |
2 Bedrooms | $310K | $367K | +18.4% |
3 Bedrooms | $502.5K | $527.5K | +5.0% |
4 Bedrooms | $950K | $1.0M | +10.5% |
5+ Bedrooms | $1.5M | $2.0M | +27.3% |
Summary: Birmingham housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 50.6%, 2 bedroom homes increased by 18.4%, 3 bedroom homes increased by 5%, 4 bedroom homes increased by 10.5%, and 5+ bedroom homes increased by 27.3%.
Median Sold Price Compared To Nearby Cities
Birmingham | $619.4K | $742.8K | +19.9% |
Bloomfield Hills | $520K | $617.9K | +18.8% |
Bloomfield Charter Township | $514.9K | $610.6K | +18.6% |
Royal Oak | $315K | $344.2K | +9.3% |
Troy | $400K | $404.3K | +1.1% |
Housing Supply in Birmingham, MI
How many homes are available in Birmingham, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
108 | 130 | +20.4% |
Summary: The Birmingham real estate market had 130 homes for sale in April 2024, a 20.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 5 | 6 | +20.0% |
2 Bedrooms | 10 | 14 | +40.0% |
3 Bedrooms | 29 | 36 | +24.1% |
4 Bedrooms | 40 | 46 | +15.0% |
5+ Bedrooms | 24 | 28 | +16.7% |
Summary: The Birmingham housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20%, 2 bedroom homes increased by 40%, 3 bedroom homes increased by 24.1%, 4 bedroom homes increased by 15%, and 5+ bedroom homes increased by 16.7%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
36 | 32 | -11.1% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 32 homes were sold or pending in Birmingham in April 2024, down by 11.1% month-over-month. Of the 32 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.
Days on Market for Birmingham, MI
How long does it take to sell a home in Birmingham, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
27 Days | 17 Days | -35.0% |
Summary: Homes in Birmingham had an average of 17 days on market in Apr 2024, down by 35% compared to last year.
Breakdown of Home Sale Times
28 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 32 homes were sold in Birmingham; 88% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.