Is Birmingham, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Birmingham has remained a Seller's Market.
Key Takeaway
Birmingham is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Birmingham, MI
How much do homes in Birmingham, MI cost?
Median Sold Price
$730,333
$355/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Birmingham have sold for 18% more than they did a year ago.
Summary: The median home sold price in Birmingham was $730,333 in March 2024, up 18% from last year, and the median price per square foot was $355.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $250K | $274.5K | +9.8% |
| 2 Bedrooms | $310K | $358.2K | +15.6% |
| 3 Bedrooms | $510K | $539K | +5.7% |
| 4 Bedrooms | $980K | $1.0M | +9.1% |
| 5+ Bedrooms | $1.4M | $2.2M | +50.2% |
Summary: Birmingham housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.8%, 2 bedroom homes increased by 15.6%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes increased by 50.2%.
Median Sold Price Compared To Nearby Cities
| Birmingham | $618.8K | $730.3K | +18.0% |
| Bloomfield Hills | $520K | $599.2K | +15.2% |
| Bloomfield Charter Township | $520K | $590.7K | +13.6% |
| Royal Oak | $315.4K | $344.2K | +9.1% |
| Troy | $400K | $408K | +2.0% |
Housing Supply in Birmingham, MI
How many homes are available in Birmingham, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 111 | 124 | +11.7% |
Summary: The Birmingham real estate market had 124 homes for sale in March 2024, a 11.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 7 | 0.0% |
| 2 Bedrooms | 12 | 14 | +16.7% |
| 3 Bedrooms | 32 | 32 | 0.0% |
| 4 Bedrooms | 33 | 44 | +33.3% |
| 5+ Bedrooms | 27 | 27 | 0.0% |
Summary: The Birmingham housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 16.7%, 3 bedroom homes remained the same, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 29 | 36 | +24.1% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Birmingham, you may be able to get a good deal. 63.9% of homes here sold below asking price last month.
Summary: A total of 36 homes were sold or pending in Birmingham in March 2024, up by 24.1% month-over-month. Of the 36 sold homes, 64% were sold under asking, 8% were sold at asking, and 28% were sold over asking.
Days on Market for Birmingham, MI
How long does it take to sell a home in Birmingham, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 124 Days | 32 Days | -74.1% |
Summary: Homes in Birmingham had an average of 32 days on market in Mar 2024, down by 74.1% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Birmingham are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 36 homes were sold in Birmingham; 61% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.