Is Grosse Pointe, 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, Grosse Pointe has remained a Seller's Market.
Housing Prices in Grosse Pointe, MI
How much do homes in Grosse Pointe, MI cost?
Median Sold Price
$311,000
$168/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Grosse Pointe was $311,000 in May 2024, up 62.8% from last year, and the median price per square foot was $168.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $77K | - | N/A |
2 Bedrooms | $100K | $138K | +38.0% |
3 Bedrooms | $168.5K | $191K | +13.4% |
4 Bedrooms | $375K | $410K | +9.3% |
5+ Bedrooms | $483K | $1.1M | +138.8% |
Summary: Grosse Pointe 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 38%, 3 bedroom homes increased by 13.4%, 4 bedroom homes increased by 9.3%, and 5+ bedroom homes increased by 138.8%.
Median Sold Price Compared To Nearby Cities
Grosse Pointe | $191K | $311K | +62.8% |
Grosse Pointe Farms | $435K | $450K | +3.4% |
Detroit | $79.9K | $82.6K | +3.3% |
Housing Supply in Grosse Pointe, MI
How many homes are available in Grosse Pointe, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
31 | 35 | +12.9% |
Summary: The Grosse Pointe real estate market had 35 homes for sale in May 2024, a 12.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 3 | 0.0% |
2 Bedrooms | 6 | 5 | -16.7% |
3 Bedrooms | 6 | 7 | +16.7% |
4 Bedrooms | 16 | 16 | 0.0% |
5+ Bedrooms | 0 | 4 | +100.0% |
Summary: The Grosse Pointe 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 16.7%, 3 bedroom homes increased by 16.7%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
9 | 10 | +11.1% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 10 homes were sold or pending in Grosse Pointe in May 2024, up by 11.1% month-over-month. Of the 10 sold homes, 50% were sold under asking, 20% were sold at asking, and 30% were sold over asking.
Days on Market for Grosse Pointe, MI
How long does it take to sell a home in Grosse Pointe, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
34 Days | 13 Days | -59.4% |
Summary: Homes in Grosse Pointe had an average of 13 days on market in May 2024, down by 59.4% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 10 homes were sold in Grosse Pointe; 90% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.