Is Dearborn 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, Dearborn Heights has remained a Seller's Market.
Housing Prices in Dearborn Heights, MI
How much do homes in Dearborn Heights, MI cost?
Median Sold Price
$194,000
$171/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Dearborn Heights was $194,000 in May 2024, up 14.1% from last year, and the median price per square foot was $171.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $56K | $67K | +19.6% |
2 Bedrooms | $115K | $125K | +8.7% |
3 Bedrooms | $174.7K | $200K | +14.5% |
4 Bedrooms | $246K | $305K | +24.0% |
5+ Bedrooms | $521K | $217.5K | -58.3% |
Summary: Dearborn Heights housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.6%, 2 bedroom homes increased by 8.7%, 3 bedroom homes increased by 14.5%, 4 bedroom homes increased by 24%, and 5+ bedroom homes decreased by 58.3%.
Median Sold Price Compared To Nearby Cities
Dearborn Heights | $170K | $194K | +14.1% |
Dearborn | $220K | $250K | +13.6% |
Allen Park | $185K | $210K | +13.5% |
Inkster | $89K | $100K | +12.3% |
Redford | $154.7K | $165.7K | +7.1% |
Housing Supply in Dearborn Heights, MI
How many homes are available in Dearborn Heights, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
132 | 157 | +18.9% |
Summary: The Dearborn Heights real estate market had 157 homes for sale in May 2024, a 18.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 19 | 22 | +15.8% |
3 Bedrooms | 86 | 101 | +17.4% |
4 Bedrooms | 20 | 26 | +30.0% |
5+ Bedrooms | 7 | 8 | +14.3% |
Summary: The Dearborn Heights housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 15.8%, 3 bedroom homes increased by 17.4%, 4 bedroom homes increased by 30%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
48 | 48 | 0.0% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
25 Homes Were Sold
Over Asking
Summary: A total of 48 homes were sold or pending in Dearborn Heights in May 2024, the same as the previous month. Of the 48 sold homes, 35% were sold under asking, 13% were sold at asking, and 52% were sold over asking.
Days on Market for Dearborn Heights, MI
How long does it take to sell a home in Dearborn Heights, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
19 Days | 19 Days | -2.6% |
Summary: Homes in Dearborn Heights had an average of 19 days on market in May 2024, down by 2.6% compared to last year.
Breakdown of Home Sale Times
40 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 48 homes were sold in Dearborn Heights; 83% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.