Is Redford, 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, Redford has remained a Seller's Market.
Key Takeaway
Redford is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Redford, MI
How much do homes in Redford, MI cost?
Median Sold Price
$165,782
$144/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Redford have sold for 7.1% more than they did a year ago.
Summary: The median home sold price in Redford was $165,782 in May 2024, up 7.1% from last year, and the median price per square foot was $144.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $47.5K | $55.5K | +16.8% |
| 2 Bedrooms | $108K | $117.5K | +8.8% |
| 3 Bedrooms | $155.8K | $170K | +9.1% |
| 4 Bedrooms | $201K | $195.6K | -2.7% |
| 5+ Bedrooms | $199.9K | $255K | +27.6% |
Summary: Redford housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.8%, 2 bedroom homes increased by 8.8%, 3 bedroom homes increased by 9.1%, 4 bedroom homes decreased by 2.7%, and 5+ bedroom homes increased by 27.6%.
Median Sold Price Compared To Nearby Cities
| Dearborn Heights | $170K | $194K | +14.1% |
| Livonia | $264.7K | $289.9K | +9.5% |
| Redford Charter Township | $154.3K | $165.8K | +7.4% |
| Redford | $154.7K | $165.7K | +7.1% |
| Southfield | $215K | $225K | +4.7% |
Housing Supply in Redford, MI
How many homes are available in Redford, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 223 | 214 | -4.0% |
Summary: The Redford real estate market had 214 homes for sale in May 2024, a 4.0% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 2 | +100.0% |
| 2 Bedrooms | 28 | 21 | -25.0% |
| 3 Bedrooms | 176 | 173 | -1.7% |
| 4 Bedrooms | 16 | 16 | 0.0% |
| 5+ Bedrooms | 3 | 2 | -33.3% |
Summary: The Redford housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 25%, 3 bedroom homes decreased by 1.7%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 86 | 69 | -19.8% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
36 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Redford, you could pay more than the asking price. 52.2% of homes here sold above asking price last month.
Summary: A total of 69 homes were sold or pending in Redford in May 2024, down by 19.8% month-over-month. Of the 69 sold homes, 35% were sold under asking, 13% were sold at asking, and 52% were sold over asking.
Days on Market for Redford, MI
How long does it take to sell a home in Redford, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 31 Days | 23 Days | -23.0% |
Summary: Homes in Redford had an average of 23 days on market in May 2024, down by 23% compared to last year.
Breakdown of Home Sale Times
53 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Redford are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 69 homes were sold in Redford; 77% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
