Is Livonia, 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, Livonia has remained a Seller's Market.
Key Takeaway
Livonia is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Livonia, MI
How much do homes in Livonia, MI cost?
Median Sold Price
$285,050
$202/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Livonia have sold for 7.8% more than they did a year ago.
Summary: The median home sold price in Livonia was $285,050 in April 2024, up 7.8% from last year, and the median price per square foot was $202.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $102.5K | $110.5K | +7.8% |
| 2 Bedrooms | $176K | $207.5K | +17.9% |
| 3 Bedrooms | $260K | $277.4K | +6.7% |
| 4 Bedrooms | $347K | $375K | +8.1% |
| 5+ Bedrooms | $383K | $412.5K | +7.7% |
Summary: Livonia housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.8%, 2 bedroom homes increased by 17.9%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes increased by 7.7%.
Median Sold Price Compared To Nearby Cities
| Farmington | $280K | $302.6K | +8.1% |
| Livonia | $264.4K | $285K | +7.8% |
| Redford | $155K | $165K | +6.5% |
| Redford Charter Township | $155.2K | $165K | +6.3% |
| Farmington Hills | $339.9K | $350K | +2.9% |
Housing Supply in Livonia, MI
How many homes are available in Livonia, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 204 | 239 | +17.2% |
Summary: The Livonia real estate market had 239 homes for sale in April 2024, a 17.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 5 | 0.0% |
| 2 Bedrooms | 25 | 26 | +4.0% |
| 3 Bedrooms | 132 | 163 | +23.5% |
| 4 Bedrooms | 41 | 40 | -2.4% |
| 5+ Bedrooms | 1 | 5 | +400.0% |
Summary: The Livonia 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 4%, 3 bedroom homes increased by 23.5%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes increased by 400%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 77 | 91 | +18.2% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
62 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Livonia, you could pay more than the asking price. 68.1% of homes here sold above asking price last month.
Summary: A total of 91 homes were sold or pending in Livonia in April 2024, up by 18.2% month-over-month. Of the 91 sold homes, 22% were sold under asking, 10% were sold at asking, and 68% were sold over asking.
Days on Market for Livonia, MI
How long does it take to sell a home in Livonia, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 53 Days | 15 Days | -71.6% |
Summary: Homes in Livonia had an average of 15 days on market in Apr 2024, down by 71.6% compared to last year.
Breakdown of Home Sale Times
80 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Livonia are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 91 homes were sold in Livonia; 88% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.
