Is Ferndale, 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, Ferndale has remained a Seller's Market.
Housing Prices in Ferndale, MI
How much do homes in Ferndale, MI cost?
Median Sold Price
$245,000
$235/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Ferndale was $245,000 in May 2024, up 4.3% from last year, and the median price per square foot was $235.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $191K | $285K | +49.2% |
2 Bedrooms | $195K | $208K | +6.7% |
3 Bedrooms | $264.4K | $255K | -3.6% |
4 Bedrooms | $340K | $299K | -12.1% |
5+ Bedrooms | $360K | $460K | +27.8% |
Summary: Ferndale housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 49.2%, 2 bedroom homes increased by 6.7%, 3 bedroom homes decreased by 3.6%, 4 bedroom homes decreased by 12.1%, and 5+ bedroom homes increased by 27.8%.
Median Sold Price Compared To Nearby Cities
Pleasant Ridge | $440K | $500K | +13.6% |
Oak Park | $205K | $222.7K | +8.7% |
Royal Oak | $316.2K | $340.9K | +7.8% |
Hazel Park | $159.3K | $169.9K | +6.7% |
Ferndale | $235K | $245K | +4.3% |
Housing Supply in Ferndale, MI
How many homes are available in Ferndale, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
110 | 132 | +20.0% |
Summary: The Ferndale real estate market had 132 homes for sale in May 2024, a 20.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 1 | -75.0% |
2 Bedrooms | 32 | 37 | +15.6% |
3 Bedrooms | 60 | 76 | +26.7% |
4 Bedrooms | 13 | 17 | +30.8% |
5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Ferndale housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 75%, 2 bedroom homes increased by 15.6%, 3 bedroom homes increased by 26.7%, 4 bedroom homes increased by 30.8%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
39 | 32 | -17.9% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Summary: A total of 32 homes were sold or pending in Ferndale in May 2024, down by 17.9% month-over-month. Of the 32 sold homes, 31% were sold under asking, 13% were sold at asking, and 56% were sold over asking.
Days on Market for Ferndale, MI
How long does it take to sell a home in Ferndale, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
23 Days | 16 Days | -30.2% |
Summary: Homes in Ferndale had an average of 16 days on market in May 2024, down by 30.2% compared to last year.
Breakdown of Home Sale Times
28 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 32 homes were sold in Ferndale; 88% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.