Is Madison Heights, 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, Madison Heights has remained a Seller's Market.
Housing Prices in Madison Heights, MI
How much do homes in Madison Heights, MI cost?
Median Sold Price
$212,000
$193/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Madison Heights was $212,000 in May 2024, up 8.6% from last year, and the median price per square foot was $193.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $107K | $97K | -9.3% |
2 Bedrooms | $140K | $148K | +5.7% |
3 Bedrooms | $209K | $228.7K | +9.4% |
4 Bedrooms | $255K | $252.2K | -1.1% |
5+ Bedrooms | $207.5K | $256.5K | +23.6% |
Summary: Madison Heights housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9.3%, 2 bedroom homes increased by 5.7%, 3 bedroom homes increased by 9.4%, 4 bedroom homes decreased by 1.1%, and 5+ bedroom homes increased by 23.6%.
Median Sold Price Compared To Nearby Cities
Warren | $169.9K | $185.4K | +9.1% |
Madison Heights | $195.1K | $212K | +8.6% |
Royal Oak | $316.2K | $340.9K | +7.8% |
Sterling Heights | $280K | $294.4K | +5.1% |
Troy | $396.8K | $410K | +3.3% |
Housing Supply in Madison Heights, MI
How many homes are available in Madison Heights, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
75 | 89 | +18.7% |
Summary: The Madison Heights real estate market had 89 homes for sale in May 2024, a 18.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 0 | -100.0% |
2 Bedrooms | 16 | 18 | +12.5% |
3 Bedrooms | 54 | 64 | +18.5% |
4 Bedrooms | 4 | 7 | +75.0% |
5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Madison Heights housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 18.5%, 4 bedroom homes increased by 75%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
35 | 29 | -17.1% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Summary: A total of 29 homes were sold or pending in Madison Heights in May 2024, down by 17.1% month-over-month. Of the 29 sold homes, 28% were sold under asking, 14% were sold at asking, and 59% were sold over asking.
Days on Market for Madison Heights, MI
How long does it take to sell a home in Madison Heights, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
12 Days | 10 Days | -14.3% |
Summary: Homes in Madison Heights had an average of 10 days on market in May 2024, down by 14.3% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 29 homes were sold in Madison Heights; 93% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.