Is Flat Rock, 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, Flat Rock has remained a Seller's Market.
Key Takeaway
Flat Rock is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Flat Rock, MI
How much do homes in Flat Rock, MI cost?
Median Sold Price
$312,900
$175/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Flat Rock have sold for 2.4% more than they did a year ago.
Summary: The median home sold price in Flat Rock was $312,900 in May 2024, up 2.4% from last year, and the median price per square foot was $175.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $239.9K | $255K | +6.3% |
| 3 Bedrooms | $269.9K | $287.9K | +6.6% |
| 4 Bedrooms | $382K | $370K | -3.1% |
| 5+ Bedrooms | $343.2K | $355K | +3.4% |
Summary: Flat Rock 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 6.3%, 3 bedroom homes increased by 6.6%, 4 bedroom homes decreased by 3.1%, and 5+ bedroom homes increased by 3.4%.
Median Sold Price Compared To Nearby Cities
| Brownstown Charter Township | $269.2K | $303K | +12.5% |
| Rockwood | $275K | $295K | +7.3% |
| South Rockwood | $265K | $282.5K | +6.6% |
| Berlin Charter Township | $279.9K | $292K | +4.3% |
| Flat Rock | $305.5K | $312.9K | +2.4% |
Housing Supply in Flat Rock, MI
How many homes are available in Flat Rock, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 59 | 53 | -10.2% |
Summary: The Flat Rock real estate market had 53 homes for sale in May 2024, a 10.2% decrease 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 | 13 | 11 | -15.4% |
| 3 Bedrooms | 35 | 32 | -8.6% |
| 4 Bedrooms | 11 | 10 | -9.1% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Flat Rock 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 decreased by 15.4%, 3 bedroom homes decreased by 8.6%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 22 | 11 | -50.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Flat Rock, you could pay more than the asking price. 63.6% of homes here sold above asking price last month.
Summary: A total of 11 homes were sold or pending in Flat Rock in May 2024, down by 50.0% month-over-month. Of the 11 sold homes, 27% were sold under asking, 9% were sold at asking, and 64% were sold over asking.
Days on Market for Flat Rock, MI
How long does it take to sell a home in Flat Rock, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 17 Days | 9 Days | -47.4% |
Summary: Homes in Flat Rock had an average of 9 days on market in May 2024, down by 47.4% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Flat Rock are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 11 homes were sold in Flat Rock; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
