Is Grosse Pointe Woods, 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 Woods has remained a Seller's Market.
Key Takeaway
Grosse Pointe Woods is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Grosse Pointe Woods, MI
How much do homes in Grosse Pointe Woods, MI cost?
Median Sold Price
$335,250
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Grosse Pointe Woods have sold for 15.6% more than they did a year ago.
Summary: The median home sold price in Grosse Pointe Woods was $335,250 in May 2024, up 15.6% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $239.9K | $295K | +22.9% |
| 3 Bedrooms | $280K | $313K | +11.8% |
| 4 Bedrooms | $375K | $397K | +5.9% |
| 5+ Bedrooms | $440.3K | $507.5K | +15.2% |
Summary: Grosse Pointe Woods 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 22.9%, 3 bedroom homes increased by 11.8%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes increased by 15.2%.
Median Sold Price Compared To Nearby Cities
| Grosse Pointe Woods | $290K | $335.2K | +15.6% |
| Saint Clair Shores | $208K | $225K | +8.2% |
| Grosse Pointe Farms | $435K | $450K | +3.4% |
| Harper Woods | $148.9K | $136.4K | -8.4% |
| Village of Grosse Pointe Shores | $705K | $625.6K | -11.3% |
Housing Supply in Grosse Pointe Woods, MI
How many homes are available in Grosse Pointe Woods, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 48 | 77 | +60.4% |
Summary: The Grosse Pointe Woods real estate market had 77 homes for sale in May 2024, a 60.4% 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 | 6 | 9 | +50.0% |
| 3 Bedrooms | 25 | 39 | +56.0% |
| 4 Bedrooms | 14 | 23 | +64.3% |
| 5+ Bedrooms | 3 | 6 | +100.0% |
Summary: The Grosse Pointe Woods 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 50%, 3 bedroom homes increased by 56%, 4 bedroom homes increased by 64.3%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 21 | +110.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Grosse Pointe Woods, you could pay more than the asking price. 47.6% of homes here sold above asking price last month.
Summary: A total of 21 homes were sold or pending in Grosse Pointe Woods in May 2024, up by 110.0% month-over-month. Of the 21 sold homes, 29% were sold under asking, 24% were sold at asking, and 48% were sold over asking.
Days on Market for Grosse Pointe Woods, MI
How long does it take to sell a home in Grosse Pointe Woods, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 17 Days | 16 Days | -8.6% |
Summary: Homes in Grosse Pointe Woods had an average of 16 days on market in May 2024, down by 8.6% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Grosse Pointe Woods are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 21 homes were sold in Grosse Pointe Woods; 90% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.