Is Allen Park, 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, Allen Park has remained a Seller's Market.
Housing Prices in Allen Park, MI
How much do homes in Allen Park, MI cost?
Median Sold Price
$210,000
$182/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Allen Park was $210,000 in May 2024, up 13.5% from last year, and the median price per square foot was $182.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $59K | $72.5K | +22.9% |
2 Bedrooms | $145K | $160K | +10.3% |
3 Bedrooms | $185K | $210K | +13.5% |
4 Bedrooms | $245K | $243K | -0.8% |
5+ Bedrooms | $284.7K | $340K | +19.4% |
Summary: Allen Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.9%, 2 bedroom homes increased by 10.3%, 3 bedroom homes increased by 13.5%, 4 bedroom homes decreased by 0.8%, and 5+ bedroom homes increased by 19.4%.
Median Sold Price Compared To Nearby Cities
Dearborn | $220K | $250K | +13.6% |
Allen Park | $185K | $210K | +13.5% |
Lincoln Park | $134.5K | $150K | +11.5% |
Melvindale | $128K | $141.7K | +10.7% |
Southgate | $175K | $185K | +5.7% |
Housing Supply in Allen Park, MI
How many homes are available in Allen Park, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
59 | 66 | +11.9% |
Summary: The Allen Park real estate market had 66 homes for sale in May 2024, a 11.9% 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 | 4 | 6 | +50.0% |
3 Bedrooms | 46 | 53 | +15.2% |
4 Bedrooms | 5 | 6 | +20.0% |
5+ Bedrooms | 2 | 0 | -100.0% |
Summary: The Allen Park 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 50%, 3 bedroom homes increased by 15.2%, 4 bedroom homes increased by 20%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
25 | 20 | -20.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Summary: A total of 20 homes were sold or pending in Allen Park in May 2024, down by 20.0% month-over-month. Of the 20 sold homes, 20% were sold under asking, 10% were sold at asking, and 70% were sold over asking.
Days on Market for Allen Park, MI
How long does it take to sell a home in Allen Park, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
10 Days | 26 Days | +153.7% |
Summary: Homes in Allen Park had an average of 26 days on market in May 2024, up by 153.7% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 20 homes were sold in Allen Park; 85% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.