Is Milford, 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, Milford has remained a Seller's Market.
Key Takeaway
Milford is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Milford, MI
How much do homes in Milford, MI cost?
Median Sold Price
$490,000
$236/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Milford have sold for 19.5% more than they did a year ago.
Summary: The median home sold price in Milford was $490,000 in May 2024, up 19.5% from last year, and the median price per square foot was $236.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $130K | $197.5K | +51.9% |
| 2 Bedrooms | $237.5K | $263.5K | +10.9% |
| 3 Bedrooms | $342K | $391K | +14.3% |
| 4 Bedrooms | $520K | $600K | +15.4% |
| 5+ Bedrooms | $727.9K | $750K | +3.0% |
Summary: Milford housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 51.9%, 2 bedroom homes increased by 10.9%, 3 bedroom homes increased by 14.3%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes increased by 3%.
Median Sold Price Compared To Nearby Cities
| Milford | $410K | $490K | +19.5% |
| Milford Charter Township | $410K | $490K | +19.5% |
Housing Supply in Milford, MI
How many homes are available in Milford, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 84 | 110 | +31.0% |
Summary: The Milford real estate market had 110 homes for sale in May 2024, a 31.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 13 | 18 | +38.5% |
| 3 Bedrooms | 37 | 39 | +5.4% |
| 4 Bedrooms | 29 | 45 | +55.2% |
| 5+ Bedrooms | 5 | 7 | +40.0% |
Summary: The Milford 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 increased by 38.5%, 3 bedroom homes increased by 5.4%, 4 bedroom homes increased by 55.2%, and 5+ bedroom homes increased by 40%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 19 | 21 | +10.5% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Milford, you may be able to get a good deal. 47.6% of homes here sold below asking price last month.
Summary: A total of 21 homes were sold or pending in Milford in May 2024, up by 10.5% month-over-month. Of the 21 sold homes, 48% were sold under asking, 19% were sold at asking, and 33% were sold over asking.
Days on Market for Milford, MI
How long does it take to sell a home in Milford, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 11 Days | 20 Days | +80.7% |
Summary: Homes in Milford had an average of 20 days on market in May 2024, up by 80.7% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Milford are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 21 homes were sold in Milford; 71% of homes were sold within 30 days, 29% 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.