Is Birmingham, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 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
$720,250
$362/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Birmingham have sold for 3.3% more than they did a year ago.
Summary: The median home sold price in Birmingham was $720,250 in June 2024, up 3.3% from last year, and the median price per square foot was $362.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $195.8K | $290K | +48.1% |
| 2 Bedrooms | $314.7K | $365K | +16.0% |
| 3 Bedrooms | $502.5K | $545K | +8.5% |
| 4 Bedrooms | $1.0M | $1.0M | +3.4% |
| 5+ Bedrooms | $1.6M | $1.8M | +13.1% |
Summary: Birmingham housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 48.1%, 2 bedroom homes increased by 16%, 3 bedroom homes increased by 8.5%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes increased by 13.1%.
Median Sold Price Compared To Nearby Cities
| Bloomfield Hills | $538.7K | $612.3K | +13.7% |
| Bloomfield Charter Township | $523.4K | $587.9K | +12.3% |
| Royal Oak | $319.9K | $342.9K | +7.2% |
| Birmingham | $697.2K | $720.2K | +3.3% |
| Troy | $400K | $411.5K | +2.9% |
Housing Supply in Birmingham, MI
How many homes are available in Birmingham, MI?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 150 | 162 | +8.0% |
Summary: The Birmingham real estate market had 162 homes for sale in June 2024, a 8.0% increase compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 8 | +33.3% |
| 2 Bedrooms | 19 | 19 | 0.0% |
| 3 Bedrooms | 52 | 48 | -7.7% |
| 4 Bedrooms | 41 | 48 | +17.1% |
| 5+ Bedrooms | 32 | 39 | +21.9% |
Summary: The Birmingham housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 7.7%, 4 bedroom homes increased by 17.1%, and 5+ bedroom homes increased by 21.9%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 39 | 36 | -7.7% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Birmingham, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.
Summary: A total of 36 homes were sold or pending in Birmingham in June 2024, down by 7.7% month-over-month. Of the 36 sold homes, 44% were sold under asking, 19% were sold at asking, and 36% 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
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 14 Days | 18 Days | +29.1% |
Summary: Homes in Birmingham had an average of 18 days on market in Jun 2024, up by 29.1% compared to last year.
Breakdown of Home Sale Times
32 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Birmingham are selling fast, if you're buying plan to act quickly.
Summary: During June 2024, 36 homes were sold in Birmingham; 89% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Northern Michigan MLS (NM-MLS). The listings displayed come from various NM-MLS. member offices who have chosen to participate in NM-MLSX IDX, the detailed information The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing about said listings includes the listing office information. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the site hosting broker(s), nor the listing broker or NM-MLS, or this broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2024 NM-MLS. All rights reserved
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