Is Southfield, 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, Southfield has remained a Seller's Market.
Key Takeaway
Southfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Southfield, MI
How much do homes in Southfield, MI cost?
Median Sold Price
$225,000
$145/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Southfield have sold for 4.7% more than they did a year ago.
Summary: The median home sold price in Southfield was $225,000 in May 2024, up 4.7% from last year, and the median price per square foot was $145.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $111.7K | $78.7K | -29.5% |
| 2 Bedrooms | $155K | $155.3K | 0.2% |
| 3 Bedrooms | $215K | $228.5K | +6.3% |
| 4 Bedrooms | $305K | $316.5K | +3.8% |
| 5+ Bedrooms | $330K | $391.2K | +18.6% |
Summary: Southfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 29.5%, 2 bedroom homes increased by 0.2%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 18.6%.
Median Sold Price Compared To Nearby Cities
| Bingham Farms | $451K | $515K | +14.2% |
| Beverly Hills | $459K | $515K | +12.2% |
| Southfield Township | $250K | $265.7K | +6.3% |
| Southfield | $215K | $225K | +4.7% |
| Lathrup Village | $320K | $310.2K | -3.0% |
Housing Supply in Southfield, MI
How many homes are available in Southfield, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 184 | 196 | +6.5% |
Summary: The Southfield real estate market had 196 homes for sale in May 2024, a 6.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 6 | +50.0% |
| 2 Bedrooms | 48 | 48 | 0.0% |
| 3 Bedrooms | 86 | 98 | +14.0% |
| 4 Bedrooms | 39 | 37 | -5.1% |
| 5+ Bedrooms | 7 | 7 | 0.0% |
Summary: The Southfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes remained the same, 3 bedroom homes increased by 14%, 4 bedroom homes decreased by 5.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 57 | 46 | -19.3% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southfield, you may be able to get a good deal. 41.3% of homes here sold below asking price last month.
Summary: A total of 46 homes were sold or pending in Southfield in May 2024, down by 19.3% month-over-month. Of the 46 sold homes, 41% were sold under asking, 17% were sold at asking, and 41% were sold over asking.
Days on Market for Southfield, MI
How long does it take to sell a home in Southfield, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 26 Days | 19 Days | -26.7% |
Summary: Homes in Southfield had an average of 19 days on market in May 2024, down by 26.7% compared to last year.
Breakdown of Home Sale Times
37 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Southfield are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 46 homes were sold in Southfield; 80% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 2% 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.