Is Highland Park, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Highland Park was a Neutral Market.
Housing Prices in Highland Park, MI
How much do homes in Highland Park, MI cost?
Median Sold Price
$54,000
$43/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Highland Park was $54,000 in May 2024, up 8% from last year, and the median price per square foot was $43.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $22K | - | N/A |
2 Bedrooms | $42K | $49.2K | +17.3% |
3 Bedrooms | $50K | $50K | 0.0% |
4 Bedrooms | $70K | $54.2K | -22.5% |
5+ Bedrooms | $125K | $131K | +4.8% |
Summary: Highland Park 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 17.3%, 3 bedroom homes did not change, 4 bedroom homes decreased by 22.5%, and 5+ bedroom homes increased by 4.8%.
Housing Supply in Highland Park, MI
How many homes are available in Highland Park, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
93 | 94 | +1.1% |
Summary: The Highland Park real estate market had 94 homes for sale in May 2024, a 1.1% 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 | 8 | 10 | +25.0% |
3 Bedrooms | 43 | 47 | +9.3% |
4 Bedrooms | 29 | 25 | -13.8% |
5+ Bedrooms | 13 | 11 | -15.4% |
Summary: The Highland Park 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 25%, 3 bedroom homes increased by 9.3%, 4 bedroom homes decreased by 13.8%, and 5+ bedroom homes decreased by 15.4%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
17 | 16 | -5.9% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Summary: A total of 16 homes were sold or pending in Highland Park in May 2024, down by 5.9% month-over-month. Of the 16 sold homes, 50% were sold under asking, 13% were sold at asking, and 38% were sold over asking.
Days on Market for Highland Park, MI
How long does it take to sell a home in Highland Park, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
30 Days | 59 Days | +95.1% |
Summary: Homes in Highland Park had an average of 59 days on market in May 2024, up by 95.1% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During May 2024, 16 homes were sold in Highland Park; 56% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.