Is Southgate, 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, Southgate has remained a Seller's Market.
Key Takeaway
Southgate is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Southgate, MI
How much do homes in Southgate, MI cost?
Median Sold Price
$182,000
$160/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Southgate have sold for 4% more than they did a year ago.
Summary: The median home sold price in Southgate was $182,000 in April 2024, up 4% from last year, and the median price per square foot was $160.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $84K | $96.6K | +15.0% |
| 2 Bedrooms | $135.5K | $149.9K | +10.7% |
| 3 Bedrooms | $180K | $190K | +5.6% |
| 4 Bedrooms | $269.7K | $286.5K | +6.2% |
| 5+ Bedrooms | $250K | $351K | +40.4% |
Summary: Southgate housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15%, 2 bedroom homes increased by 10.7%, 3 bedroom homes increased by 5.6%, 4 bedroom homes increased by 6.2%, and 5+ bedroom homes increased by 40.4%.
Median Sold Price Compared To Nearby Cities
| Allen Park | $185K | $210K | +13.5% |
| Lincoln Park | $134.7K | $149.1K | +10.7% |
| Wyandotte | $170.3K | $182.7K | +7.3% |
| Southgate | $175K | $182K | +4.0% |
| Riverview | $205K | $190K | -7.3% |
Housing Supply in Southgate, MI
How many homes are available in Southgate, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 51 | 66 | +29.4% |
Summary: The Southgate real estate market had 66 homes for sale in April 2024, a 29.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 13 | 14 | +7.7% |
| 3 Bedrooms | 31 | 41 | +32.3% |
| 4 Bedrooms | 7 | 10 | +42.9% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Southgate housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 7.7%, 3 bedroom homes increased by 32.3%, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 17 | 17 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southgate, you could pay more than the asking price. 82.4% of homes here sold above asking price last month.
Summary: A total of 17 homes were sold or pending in Southgate in April 2024, the same as the previous month. Of the 17 sold homes, 12% were sold under asking, 6% were sold at asking, and 82% were sold over asking.
Days on Market for Southgate, MI
How long does it take to sell a home in Southgate, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 19 Days | 14 Days | -25.7% |
Summary: Homes in Southgate had an average of 14 days on market in Apr 2024, down by 25.7% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Southgate are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 17 homes were sold in Southgate; 94% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.