Is Hazel 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, Hazel Park has remained a Seller's Market.
Key Takeaway
Hazel Park is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Hazel Park, MI
How much do homes in Hazel Park, MI cost?
Median Sold Price
$169,950
$168/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Hazel Park have sold for 6.7% more than they did a year ago.
Summary: The median home sold price in Hazel Park was $169,950 in May 2024, up 6.7% 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 | $139.9K | $135K | -3.5% |
| 2 Bedrooms | $134.2K | $150K | +11.7% |
| 3 Bedrooms | $172K | $175K | +1.7% |
| 4 Bedrooms | $190K | $198.2K | +4.3% |
| 5+ Bedrooms | $234.5K | $206.5K | -11.9% |
Summary: Hazel Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.5%, 2 bedroom homes increased by 11.7%, 3 bedroom homes increased by 1.7%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes decreased by 11.9%.
Median Sold Price Compared To Nearby Cities
| Warren | $169.9K | $185.4K | +9.1% |
| Madison Heights | $195.1K | $212K | +8.6% |
| Royal Oak | $316.2K | $340.9K | +7.8% |
| Hazel Park | $159.3K | $169.9K | +6.7% |
| Detroit | $79.9K | $82.6K | +3.3% |
Housing Supply in Hazel Park, MI
How many homes are available in Hazel Park, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 74 | 74 | 0.0% |
Summary: The Hazel Park real estate market had 74 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 26 | 27 | +3.8% |
| 3 Bedrooms | 37 | 37 | 0.0% |
| 4 Bedrooms | 10 | 8 | -20.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Hazel Park 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 3.8%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 20%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 24 | 29 | +20.8% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hazel Park, you could pay more than the asking price. 48.3% of homes here sold above asking price last month.
Summary: A total of 29 homes were sold or pending in Hazel Park in May 2024, up by 20.8% month-over-month. Of the 29 sold homes, 41% were sold under asking, 10% were sold at asking, and 48% were sold over asking.
Days on Market for Hazel Park, MI
How long does it take to sell a home in Hazel Park, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 26 Days | 26 Days | -0.8% |
Summary: Homes in Hazel Park had an average of 26 days on market in May 2024, down by 0.8% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hazel Park are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 29 homes were sold in Hazel Park; 76% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
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.