Is Ferndale, 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, Ferndale has remained a Seller's Market.
Housing Prices in Ferndale, MI
How much do homes in Ferndale, MI cost?
Median Sold Price
$245,000
$236/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Ferndale was $245,000 in April 2024, up 4.4% from last year, and the median price per square foot was $236.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $190K | $285K | +50.0% |
2 Bedrooms | $190K | $205K | +7.9% |
3 Bedrooms | $261.8K | $258K | -1.5% |
4 Bedrooms | $340K | $305K | -10.3% |
5+ Bedrooms | $360K | $443.5K | +23.2% |
Summary: Ferndale housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 7.9%, 3 bedroom homes decreased by 1.5%, 4 bedroom homes decreased by 10.3%, and 5+ bedroom homes increased by 23.2%.
Median Sold Price Compared To Nearby Cities
Pleasant Ridge | $425K | $495K | +16.5% |
Royal Oak | $315K | $344.2K | +9.3% |
Ferndale | $234.7K | $245K | +4.4% |
Hazel Park | $160K | $165.6K | +3.5% |
Oak Park | $208K | $215K | +3.4% |
Housing Supply in Ferndale, MI
How many homes are available in Ferndale, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
91 | 113 | +24.2% |
Summary: The Ferndale real estate market had 113 homes for sale in April 2024, a 24.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 4 | +300.0% |
2 Bedrooms | 28 | 31 | +10.7% |
3 Bedrooms | 52 | 62 | +19.2% |
4 Bedrooms | 9 | 14 | +55.6% |
5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Ferndale housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 300%, 2 bedroom homes increased by 10.7%, 3 bedroom homes increased by 19.2%, 4 bedroom homes increased by 55.6%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
27 | 39 | +44.4% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Summary: A total of 39 homes were sold or pending in Ferndale in April 2024, up by 44.4% month-over-month. Of the 39 sold homes, 23% were sold under asking, 21% were sold at asking, and 56% were sold over asking.
Days on Market for Ferndale, MI
How long does it take to sell a home in Ferndale, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
11 Days | 14 Days | +31.2% |
Summary: Homes in Ferndale had an average of 14 days on market in Apr 2024, up by 31.2% compared to last year.
Breakdown of Home Sale Times
35 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During April 2024, 39 homes were sold in Ferndale; 90% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.