Is Madison 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, Madison Heights has remained a Seller's Market.
Key Takeaway
Madison Heights is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Madison Heights, MI
How much do homes in Madison Heights, MI cost?
Median Sold Price
$212,000
$193/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Madison Heights have sold for 8.6% more than they did a year ago.
Summary: The median home sold price in Madison Heights was $212,000 in May 2024, up 8.6% from last year, and the median price per square foot was $193.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $107K | $97K | -9.3% |
| 2 Bedrooms | $140K | $148K | +5.7% |
| 3 Bedrooms | $209K | $228.7K | +9.4% |
| 4 Bedrooms | $255K | $252.2K | -1.1% |
| 5+ Bedrooms | $207.5K | $256.5K | +23.6% |
Summary: Madison Heights housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9.3%, 2 bedroom homes increased by 5.7%, 3 bedroom homes increased by 9.4%, 4 bedroom homes decreased by 1.1%, and 5+ bedroom homes increased by 23.6%.
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% |
| Sterling Heights | $280K | $294.4K | +5.1% |
| Troy | $396.8K | $410K | +3.3% |
Housing Supply in Madison Heights, MI
How many homes are available in Madison Heights, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 75 | 89 | +18.7% |
Summary: The Madison Heights real estate market had 89 homes for sale in May 2024, a 18.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 16 | 18 | +12.5% |
| 3 Bedrooms | 54 | 64 | +18.5% |
| 4 Bedrooms | 4 | 7 | +75.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Madison Heights housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 18.5%, 4 bedroom homes increased by 75%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 35 | 29 | -17.1% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Madison Heights, you could pay more than the asking price. 58.6% of homes here sold above asking price last month.
Summary: A total of 29 homes were sold or pending in Madison Heights in May 2024, down by 17.1% month-over-month. Of the 29 sold homes, 28% were sold under asking, 14% were sold at asking, and 59% were sold over asking.
Days on Market for Madison Heights, MI
How long does it take to sell a home in Madison Heights, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 12 Days | 10 Days | -14.3% |
Summary: Homes in Madison Heights had an average of 10 days on market in May 2024, down by 14.3% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Madison Heights are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 29 homes were sold in Madison Heights; 93% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 0% 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. 
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.