Is Bloomfield Hills, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Bloomfield Hills has remained a Seller's Market.
Key Takeaway
Bloomfield Hills is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Bloomfield Hills, MI
How much do homes in Bloomfield Hills, MI cost?
Median Sold Price
$613,214
$231/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Bloomfield Hills have sold for 14.1% more than they did a year ago.
Summary: The median home sold price in Bloomfield Hills was $613,214 in May 2024, up 14.1% from last year, and the median price per square foot was $231.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $109.9K | $123K | +11.9% |
| 2 Bedrooms | $235K | $252.5K | +7.4% |
| 3 Bedrooms | $445K | $479.5K | +7.8% |
| 4 Bedrooms | $625.6K | $725K | +15.9% |
| 5+ Bedrooms | $1.1M | $1.0M | -16.6% |
Summary: Bloomfield Hills housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.9%, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 7.8%, 4 bedroom homes increased by 15.9%, and 5+ bedroom homes decreased by 16.6%.
Median Sold Price Compared To Nearby Cities
| Bloomfield Charter Township | $520.9K | $599.4K | +15.1% |
| Bloomfield Hills | $537.5K | $613.2K | +14.1% |
Housing Supply in Bloomfield Hills, MI
How many homes are available in Bloomfield Hills, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 201 | 260 | +29.4% |
Summary: The Bloomfield Hills real estate market had 260 homes for sale in May 2024, a 29.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 21 | 24 | +14.3% |
| 3 Bedrooms | 61 | 79 | +29.5% |
| 4 Bedrooms | 84 | 101 | +20.2% |
| 5+ Bedrooms | 35 | 55 | +57.1% |
Summary: The Bloomfield Hills housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 29.5%, 4 bedroom homes increased by 20.2%, and 5+ bedroom homes increased by 57.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 72 | 66 | -8.3% |
Asking Price vs. Sold Price
32 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
26 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Bloomfield Hills, you may be able to get a good deal. 48.5% of homes here sold below asking price last month.
Summary: A total of 66 homes were sold or pending in Bloomfield Hills in May 2024, down by 8.3% month-over-month. Of the 66 sold homes, 48% were sold under asking, 12% were sold at asking, and 39% were sold over asking.
Days on Market for Bloomfield Hills, MI
How long does it take to sell a home in Bloomfield Hills, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 27 Days | 18 Days | -31.6% |
Summary: Homes in Bloomfield Hills had an average of 18 days on market in May 2024, down by 31.6% compared to last year.
Breakdown of Home Sale Times
52 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Bloomfield Hills are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 66 homes were sold in Bloomfield Hills; 79% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Northern Michigan MLS (NM-MLS). The listings displayed come from various NM-MLS. member offices who have chosen to participate in NM-MLSX IDX, the detailed information The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing about said listings includes the listing office information. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the site hosting broker(s), nor the listing broker or NM-MLS, or this broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2024 NM-MLS. All rights reserved
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