Is Bloomfield Hills, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Bloomfield Hills has remained a Seller's Market.
Housing Prices in Bloomfield Hills, MI
How much do homes in Bloomfield Hills, MI cost?
Median Sold Price
$613,214
$231/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Bloomfield Hills was $613,214 in May 2024, up 14.1% from last year, and the median price per square foot was $231.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $109.9K | $123K | +11.9% |
2 Bedrooms | $235K | $252.5K | +7.4% |
3 Bedrooms | $445K | $479.5K | +7.8% |
4 Bedrooms | $625.6K | $725K | +15.9% |
5+ Bedrooms | $1.1M | $1.0M | -16.6% |
Summary: Bloomfield Hills housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.9%, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 7.8%, 4 bedroom homes increased by 15.9%, and 5+ bedroom homes decreased by 16.6%.
Median Sold Price Compared To Nearby Cities
Bloomfield Charter Township | $520.9K | $599.4K | +15.1% |
Bloomfield Hills | $537.5K | $613.2K | +14.1% |
Housing Supply in Bloomfield Hills, MI
How many homes are available in Bloomfield Hills, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
201 | 260 | +29.4% |
Summary: The Bloomfield Hills real estate market had 260 homes for sale in May 2024, a 29.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 1 | +100.0% |
2 Bedrooms | 21 | 24 | +14.3% |
3 Bedrooms | 61 | 79 | +29.5% |
4 Bedrooms | 84 | 101 | +20.2% |
5+ Bedrooms | 35 | 55 | +57.1% |
Summary: The Bloomfield Hills housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 29.5%, 4 bedroom homes increased by 20.2%, and 5+ bedroom homes increased by 57.1%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
72 | 66 | -8.3% |
Asking Price vs. Sold Price
32 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
26 Homes Were Sold
Over Asking
Summary: A total of 66 homes were sold or pending in Bloomfield Hills in May 2024, down by 8.3% month-over-month. Of the 66 sold homes, 48% were sold under asking, 12% were sold at asking, and 39% were sold over asking.
Days on Market for Bloomfield Hills, MI
How long does it take to sell a home in Bloomfield Hills, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
27 Days | 18 Days | -31.6% |
Summary: Homes in Bloomfield Hills had an average of 18 days on market in May 2024, down by 31.6% compared to last year.
Breakdown of Home Sale Times
52 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 66 homes were sold in Bloomfield Hills; 79% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.