Is Melvindale, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Melvindale was a Seller's Market.
Housing Prices in Melvindale, MI
How much do homes in Melvindale, MI cost?
Median Sold Price
$143,000
$128/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Melvindale was $143,000 in April 2024, up 14.4% from last year, and the median price per square foot was $128.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $49.5K | - | N/A |
2 Bedrooms | $106K | $108K | +1.9% |
3 Bedrooms | $138K | $145K | +5.1% |
4 Bedrooms | $145K | $179.9K | +24.1% |
5+ Bedrooms | - | $185K | N/A |
Summary: Melvindale housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 1.9%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 24.1%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
Melvindale | $125K | $143K | +14.4% |
Allen Park | $185K | $210K | +13.5% |
Dearborn | $220K | $246.9K | +12.2% |
Lincoln Park | $134.7K | $149.1K | +10.7% |
Detroit | $80K | $81K | +1.3% |
Housing Supply in Melvindale, MI
How many homes are available in Melvindale, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
24 | 23 | -4.2% |
Summary: The Melvindale real estate market had 23 homes for sale in April 2024, a 4.2% decrease compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 13 | 8 | -38.5% |
3 Bedrooms | 6 | 10 | +66.7% |
4 Bedrooms | 5 | 5 | 0.0% |
5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Melvindale housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 38.5%, 3 bedroom homes increased by 66.7%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
10 | 4 | -60.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 4 homes were sold or pending in Melvindale in April 2024, down by 60.0% month-over-month. Of the 4 sold homes, 75% were sold under asking, 25% were sold at asking, and 0% were sold over asking.
Days on Market for Melvindale, MI
How long does it take to sell a home in Melvindale, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
2 Days | 67 Days | +3287.5% |
Summary: Homes in Melvindale had an average of 67 days on market in Apr 2024, up by 3287.5% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 4 homes were sold in Melvindale; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.