Is Southfield, 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, Southfield has remained a Seller's Market.
Housing Prices in Southfield, MI
How much do homes in Southfield, MI cost?
Median Sold Price
$225,000
$145/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Southfield was $225,000 in April 2024, up 4.7% from last year, and the median price per square foot was $145.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $96.2K | $78.7K | -18.2% |
2 Bedrooms | $154K | $157K | +1.9% |
3 Bedrooms | $215K | $230K | +7.0% |
4 Bedrooms | $305K | $312K | +2.3% |
5+ Bedrooms | $357.5K | $381K | +6.6% |
Summary: Southfield housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 18.2%, 2 bedroom homes increased by 1.9%, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 2.3%, and 5+ bedroom homes increased by 6.6%.
Median Sold Price Compared To Nearby Cities
Bingham Farms | $471K | $515K | +9.3% |
Beverly Hills | $475K | $513K | +8.0% |
Southfield | $215K | $225K | +4.7% |
Southfield Township | $269.2K | $260.7K | -3.1% |
Lathrup Village | $321K | $310.5K | -3.3% |
Housing Supply in Southfield, MI
How many homes are available in Southfield, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
155 | 177 | +14.2% |
Summary: The Southfield real estate market had 177 homes for sale in April 2024, a 14.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 4 | +33.3% |
2 Bedrooms | 38 | 45 | +18.4% |
3 Bedrooms | 74 | 83 | +12.2% |
4 Bedrooms | 36 | 38 | +5.6% |
5+ Bedrooms | 4 | 7 | +75.0% |
Summary: The Southfield housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 18.4%, 3 bedroom homes increased by 12.2%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes increased by 75%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
45 | 44 | -2.2% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Summary: A total of 44 homes were sold or pending in Southfield in April 2024, down by 2.2% month-over-month. Of the 44 sold homes, 50% were sold under asking, 16% were sold at asking, and 34% were sold over asking.
Days on Market for Southfield, MI
How long does it take to sell a home in Southfield, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
93 Days | 56 Days | -39.6% |
Summary: Homes in Southfield had an average of 56 days on market in Apr 2024, down by 39.6% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During April 2024, 44 homes were sold in Southfield; 59% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.