Is Allen Park, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Allen Park is a seller's market

Buyer's
Market

Difference Since July 2021

Since last year, Allen Park has remained a Seller's Market.

Key Takeaway

Allen Park is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in Allen Park, MI cost?

Median Sold Price

$176,416

$160/sqft

Based on all homes sold in the last 12 months.

Difference Since July 2021

+$11,416(+6.9%)

Key Takeaway

Homes in Allen Park have sold for 6.9% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJul 2021Jul 2022%
1 $46.2K$52K
+12.4%
2 $117.4K$120.2K
+2.4%
3 $164.9K$180K
+9.1%
4 $201K$265K
+31.8%
5+ $140K$250K
+78.6%

Median Sold Price Compared To Nearby Cities

Melvindale
+23.7%
Lincoln Park
+15.3%
Taylor
+13.0%
Southgate
+10.5%
Allen Park
+6.9%

How many homes are available in Allen Park, MI?

Number of Homes For Sale

Jun 2022Jul 2022%
9894-4.1%

Homes For Sale By Bedroom Count

# BEDSJun 2022Jul 2022%
1 00
0.0%
2 76
-14.3%
3 7975
-5.1%
4 1112
+9.1%
5+ 11
0.0%

Number of Homes Sold

Jun 2022Jul 2022%
3221-34.4%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Allen Park, you could pay more than the asking price. 61.9% of homes here sold above asking price last month.

Average Sale Time

Jul 2021Jul 2022%
7 Days9 Days+13.6%

Breakdown of Home Sale Times

20 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Allen Park are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Allen Park, MI

Number of homes for sale in Allen Park, MI real estate market have reached 94. The number of homes for sale in Allen Park, MI decreased by 4.1% between June 2022 and July 2022. Listings spent 9 days on the market in July 2022, and had a median list price of $176,416 during the same period. Listing prices have changed in this real estate market between June 2022 and July 2022: prices of 1 bedroom properties increased by 12.4%, prices of 2 bedrooms properties increased by 2.4%, 3 bedrooms properties became 9.1% more expensive, 4 bedrooms properties became 31.8% more expensive, 5 bedrooms properties became 78.6% more expensive. Volume of homes for sale changed: number of 1 bedroom homes remained the same, the quantity of 2 bedrooms homes went down by 14.3%, volume of 3 bedrooms homes went down by 5.1%, the quantity of 4 bedrooms homes went up by 9.1%, 5 bedrooms homes inventory did not change. In July 2022 more than 13 listings in Allen Park, MI were sold above the asking price. During the same period more than 4 listings were sold at asking price, while more than 4 were sold below.

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