Is Harper Woods, 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, Harper Woods has remained a Seller's Market.
Key Takeaway
Harper Woods is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Harper Woods, MI
How much do homes in Harper Woods, MI cost?
Median Sold Price
$136,400
$120/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Harper Woods have sold for 8.4% less than they did a year ago.
Summary: The median home sold price in Harper Woods was $136,400 in May 2024, down 8.4% from last year, and the median price per square foot was $120.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $38K | $50K | +31.6% |
| 2 Bedrooms | $76K | $76K | 0.0% |
| 3 Bedrooms | $153.6K | $145K | -5.6% |
| 4 Bedrooms | $168.9K | $177.5K | +5.1% |
| 5+ Bedrooms | $190K | $250.5K | +31.8% |
Summary: Harper Woods housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 31.6%, 2 bedroom homes did not change, 3 bedroom homes decreased by 5.6%, 4 bedroom homes increased by 5.1%, and 5+ bedroom homes increased by 31.8%.
Median Sold Price Compared To Nearby Cities
| Grosse Pointe Woods | $290K | $335.2K | +15.6% |
| Saint Clair Shores | $208K | $225K | +8.2% |
| Eastpointe | $141.2K | $150.7K | +6.8% |
| Detroit | $79.9K | $82.6K | +3.3% |
| Harper Woods | $148.9K | $136.4K | -8.4% |
Housing Supply in Harper Woods, MI
How many homes are available in Harper Woods, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 87 | 104 | +19.5% |
Summary: The Harper Woods real estate market had 104 homes for sale in May 2024, a 19.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 23 | 28 | +21.7% |
| 3 Bedrooms | 56 | 69 | +23.2% |
| 4 Bedrooms | 6 | 5 | -16.7% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Harper Woods housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 21.7%, 3 bedroom homes increased by 23.2%, 4 bedroom homes decreased by 16.7%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 20 | +17.6% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Harper Woods, you could pay more than the asking price. 65% of homes here sold above asking price last month.
Summary: A total of 20 homes were sold or pending in Harper Woods in May 2024, up by 17.6% month-over-month. Of the 20 sold homes, 10% were sold under asking, 25% were sold at asking, and 65% were sold over asking.
Days on Market for Harper Woods, MI
How long does it take to sell a home in Harper Woods, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 47 Days | 14 Days | -68.6% |
Summary: Homes in Harper Woods had an average of 14 days on market in May 2024, down by 68.6% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Harper Woods are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 20 homes were sold in Harper Woods; 90% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 5% 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.