Is Birmingham, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Birmingham is a 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

+$111,533(+18.0%)

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

# BEDSMar 2023Mar 2024CHANGE
1 $250K$274.5K
+9.8%
2 $310K$358.2K
+15.6%
3 $510K$539K
+5.7%
4 $980K$1.0M
+9.1%
5+ $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
+18.0%
Bloomfield Hills
+15.2%
Bloomfield Charter Township
+13.6%
Royal Oak
+9.1%
Troy
+2.0%

Housing Supply in Birmingham, MI

How many homes are available in Birmingham, MI?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
111124+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

# BEDSFeb 2024Mar 2024CHANGE
1 77
0.0%
2 1214
+16.7%
3 3232
0.0%
4 3344
+33.3%
5+ 2727
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 2024Mar 2024CHANGE
2936+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

Asking vs Sold - buyer

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 2023Mar 2024CHANGE
124 Days32 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

Breakdown of Home Sale Times

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.

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

Report Updated 12 Days Ago

Newest Listings in Birmingham, MI

Nearby Markets to Birmingham, MI

What housing markets are near Birmingham, MI?