Is Dearborn, 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, Dearborn has remained a Seller's Market.
Housing Prices in Dearborn, MI
How much do homes in Dearborn, MI cost?
Median Sold Price
$246,916
$181/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Dearborn was $246,916 in April 2024, up 12.2% from last year, and the median price per square foot was $181.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $74K | $85K | +14.9% |
2 Bedrooms | $150K | $165K | +10.0% |
3 Bedrooms | $219.1K | $240K | +9.5% |
4 Bedrooms | $295K | $308.7K | +4.7% |
5+ Bedrooms | $325K | $280.5K | -13.7% |
Summary: Dearborn housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.9%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 4.7%, and 5+ bedroom homes decreased by 13.7%.
Median Sold Price Compared To Nearby Cities
Melvindale | $125K | $143K | +14.4% |
Allen Park | $185K | $210K | +13.5% |
Dearborn Heights | $169.9K | $191.5K | +12.7% |
Dearborn | $220K | $246.9K | +12.2% |
Detroit | $80K | $81K | +1.3% |
Housing Supply in Dearborn, MI
How many homes are available in Dearborn, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
176 | 193 | +9.7% |
Summary: The Dearborn real estate market had 193 homes for sale in April 2024, a 9.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 6 | +50.0% |
2 Bedrooms | 19 | 23 | +21.1% |
3 Bedrooms | 103 | 118 | +14.6% |
4 Bedrooms | 42 | 40 | -4.8% |
5+ Bedrooms | 8 | 6 | -25.0% |
Summary: The Dearborn housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 21.1%, 3 bedroom homes increased by 14.6%, 4 bedroom homes decreased by 4.8%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
55 | 74 | +34.5% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
40 Homes Were Sold
Over Asking
Summary: A total of 74 homes were sold or pending in Dearborn in April 2024, up by 34.5% month-over-month. Of the 74 sold homes, 32% were sold under asking, 14% were sold at asking, and 54% were sold over asking.
Days on Market for Dearborn, MI
How long does it take to sell a home in Dearborn, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
84 Days | 16 Days | -80.6% |
Summary: Homes in Dearborn had an average of 16 days on market in Apr 2024, down by 80.6% compared to last year.
Breakdown of Home Sale Times
62 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 74 homes were sold in Dearborn; 84% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.