Is Walled Lake, 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, Walled Lake has remained a Seller's Market.
Housing Prices in Walled Lake, MI
How much do homes in Walled Lake, MI cost?
Median Sold Price
$270,000
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Walled Lake was $270,000 in May 2024, up 7.1% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $166K | $197.5K | +19.0% |
2 Bedrooms | $215K | $249.4K | +16.0% |
3 Bedrooms | $310K | $298K | -3.9% |
4 Bedrooms | $450K | $377.5K | -16.1% |
5+ Bedrooms | $620K | $777.5K | +25.4% |
Summary: Walled Lake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19%, 2 bedroom homes increased by 16%, 3 bedroom homes decreased by 3.9%, 4 bedroom homes decreased by 16.1%, and 5+ bedroom homes increased by 25.4%.
Median Sold Price Compared To Nearby Cities
Walled Lake | $252K | $270K | +7.1% |
Commerce Charter Township | $350K | $370K | +5.7% |
Wolverine Lake | $280K | $295K | +5.4% |
Novi | $435.1K | $439.4K | +1.0% |
Housing Supply in Walled Lake, MI
How many homes are available in Walled Lake, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
56 | 54 | -3.6% |
Summary: The Walled Lake real estate market had 54 homes for sale in May 2024, a 3.6% decrease 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 | 23 | 19 | -17.4% |
3 Bedrooms | 26 | 24 | -7.7% |
4 Bedrooms | 7 | 10 | +42.9% |
5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Walled Lake 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 17.4%, 3 bedroom homes decreased by 7.7%, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
18 | 17 | -5.6% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 17 homes were sold or pending in Walled Lake in May 2024, down by 5.6% month-over-month. Of the 17 sold homes, 24% were sold under asking, 24% were sold at asking, and 53% were sold over asking.
Days on Market for Walled Lake, MI
How long does it take to sell a home in Walled Lake, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
37 Days | 16 Days | -55.4% |
Summary: Homes in Walled Lake had an average of 16 days on market in May 2024, down by 55.4% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 17 homes were sold in Walled Lake; 82% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.