Is Garden City, 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, Garden City has remained a Seller's Market.
Housing Prices in Garden City, MI
How much do homes in Garden City, MI cost?
Median Sold Price
$194,462
$179/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Garden City was $194,462 in May 2024, up 12.7% from last year, and the median price per square foot was $179.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $136.5K | $150K | +9.9% |
3 Bedrooms | $176.3K | $197.6K | +12.1% |
4 Bedrooms | $207K | $209K | +1.0% |
5+ Bedrooms | $179K | $245K | +36.9% |
Summary: Garden City housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 9.9%, 3 bedroom homes increased by 12.1%, 4 bedroom homes increased by 1%, and 5+ bedroom homes increased by 36.9%.
Median Sold Price Compared To Nearby Cities
Dearborn Heights | $170K | $194K | +14.1% |
Garden City | $172.5K | $194.4K | +12.7% |
Inkster | $89K | $100K | +12.3% |
Westland | $190.5K | $204.5K | +7.3% |
Housing Supply in Garden City, MI
How many homes are available in Garden City, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
78 | 92 | +17.9% |
Summary: The Garden City real estate market had 92 homes for sale in May 2024, a 17.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 7 | 7 | 0.0% |
3 Bedrooms | 53 | 66 | +24.5% |
4 Bedrooms | 17 | 15 | -11.8% |
5+ Bedrooms | 1 | 4 | +300.0% |
Summary: The Garden City housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 24.5%, 4 bedroom homes decreased by 11.8%, and 5+ bedroom homes increased by 300%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
24 | 30 | +25.0% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Summary: A total of 30 homes were sold or pending in Garden City in May 2024, up by 25.0% month-over-month. Of the 30 sold homes, 30% were sold under asking, 13% were sold at asking, and 57% were sold over asking.
Days on Market for Garden City, MI
How long does it take to sell a home in Garden City, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
14 Days | 11 Days | -20.8% |
Summary: Homes in Garden City had an average of 11 days on market in May 2024, down by 20.8% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 30 homes were sold in Garden City; 87% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.