Is Berkley, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
Since last year, Berkley has remained a Seller's Market.
Key Takeaway
Berkley is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices
How much do homes in Berkley, MI cost?
Median Sold Price
$304,000
$265/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in Berkley have sold for 4.8% more than they did a year ago.
Summary: The median home sold price in Berkley was $304,000 in August 2023, up 4.8% from last year, and the median price per square foot was $265.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $219K | $229K | +4.6% |
| 3 Bedrooms | $298.5K | $310K | +3.9% |
| 4 Bedrooms | $420K | $392.5K | -6.5% |
| 5+ Bedrooms | $331K | $340K | +2.7% |
Summary: Berkley housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 4.6%, 3 bedroom homes increased by 3.9%, 4 bedroom homes decreased by 6.5%, and 5+ bedroom homes increased by 2.7%.
Housing Supply
How many homes are available in Berkley, MI?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 58 | 71 | +22.4% |
Summary: The Berkley real estate market had 71 homes for sale in August 2023, a 22.4% increase compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 6 | 10 | +66.7% |
| 3 Bedrooms | 43 | 48 | +11.6% |
| 4 Bedrooms | 7 | 10 | +42.9% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Berkley housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 66.7%, 3 bedroom homes increased by 11.6%, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 18 | 23 | +27.8% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Berkley, you could pay more than the asking price. 52.2% of homes here sold above asking price last month.
Summary: A total of 23 homes were sold or pending in Berkley in August 2023, up by 27.8% month-over-month. Of the 23 sold homes, 22% were sold under asking, 26% were sold at asking, and 52% were sold over asking.
Days on Market
How long does it take to sell a home in Berkley, MI?
Average Sale Time
| Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 62 Days | 14 Days | -76.7% |
Summary: Homes in Berkley had an average of 14 days on market in Aug 2023, down by 76.7% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Berkley are selling fast, if you're buying plan to act quickly.
Summary: During August 2023, 23 homes were sold in Berkley; 78% of homes were sold within 30 days, 22% 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.