Is Madison Heights, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Madison Heights has remained a Seller's Market.
Housing Prices in Madison Heights, MI
How much do homes in Madison Heights, MI cost?
Median Sold Price
$207,333
$191/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Madison Heights was $207,333 in April 2024, up 5.9% from last year, and the median price per square foot was $191.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $109K | $99K | -9.2% |
2 Bedrooms | $139.5K | $145.9K | +4.6% |
3 Bedrooms | $208K | $228.3K | +9.8% |
4 Bedrooms | $247.5K | $239.2K | -3.3% |
5+ Bedrooms | $215K | $256.5K | +19.3% |
Summary: Madison Heights housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9.2%, 2 bedroom homes increased by 4.6%, 3 bedroom homes increased by 9.8%, 4 bedroom homes decreased by 3.3%, and 5+ bedroom homes increased by 19.3%.
Median Sold Price Compared To Nearby Cities
Royal Oak | $315K | $344.2K | +9.3% |
Warren | $171.6K | $184.4K | +7.5% |
Madison Heights | $195.7K | $207.3K | +5.9% |
Sterling Heights | $279.4K | $295K | +5.6% |
Troy | $400K | $404.3K | +1.1% |
Housing Supply in Madison Heights, MI
How many homes are available in Madison Heights, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
62 | 74 | +19.4% |
Summary: The Madison Heights real estate market had 74 homes for sale in April 2024, a 19.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 12 | 16 | +33.3% |
3 Bedrooms | 46 | 54 | +17.4% |
4 Bedrooms | 4 | 4 | 0.0% |
5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Madison Heights housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 17.4%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
24 | 33 | +37.5% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
24 Homes Were Sold
Over Asking
Summary: A total of 33 homes were sold or pending in Madison Heights in April 2024, up by 37.5% month-over-month. Of the 33 sold homes, 18% were sold under asking, 9% were sold at asking, and 73% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
12 Days | 14 Days | +12.2% |
Summary: Homes in Madison Heights had an average of 14 days on market in Apr 2024, up by 12.2% compared to last year.
Breakdown of Home Sale Times
30 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During April 2024, 33 homes were sold in Madison Heights; 91% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.