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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Dearborn is a seller's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

Housing Prices in Dearborn, MI

How much do homes in Dearborn, MI cost?

Median Sold Price

$241,250

$177/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$21,268(+9.7%)

Key Takeaway

Homes in Dearborn have sold for 9.7% more than they did a year ago.

Summary: The median home sold price in Dearborn was $241,250 in February 2024, up 9.7% from last year, and the median price per square foot was $177.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $78.2K$85K
+8.6%
2 $151K$159.5K
+5.6%
3 $216K$239.7K
+11.0%
4 $295K$305K
+3.4%
5+ $310K$337K
+8.7%

Summary: Dearborn housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.6%, 2 bedroom homes increased by 5.6%, 3 bedroom homes increased by 11%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes increased by 8.7%.

Median Sold Price Compared To Nearby Cities

Allen Park
+11.9%
Melvindale
+11.1%
Dearborn
+9.7%
Dearborn Heights
+8.8%
Detroit
-3.1%

Housing Supply in Dearborn, MI

How many homes are available in Dearborn, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
173182+5.2%

Summary: The Dearborn real estate market had 182 homes for sale in February 2024, a 5.2% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 65
-16.7%
2 1720
+17.6%
3 108103
-4.6%
4 3340
+21.2%
5+ 914
+55.6%

Summary: The Dearborn housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 17.6%, 3 bedroom homes decreased by 4.6%, 4 bedroom homes increased by 21.2%, and 5+ bedroom homes increased by 55.6%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
4957+16.3%

Asking Price vs. Sold Price

23 Homes Were Sold
Under Asking

14 Homes Were Sold
At Asking

20 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Dearborn, you may be able to get a good deal. 40.4% of homes here sold below asking price last month.

Summary: A total of 57 homes were sold or pending in Dearborn in February 2024, up by 16.3% month-over-month. Of the 57 sold homes, 40% were sold under asking, 25% were sold at asking, and 35% were sold over asking.

Days on Market for Dearborn, MI

How long does it take to sell a home in Dearborn, MI?

Average Sale Time

Feb 2023Feb 2024CHANGE
13 Days22 Days+64.7%

Summary: Homes in Dearborn had an average of 22 days on market in Feb 2024, up by 64.7% compared to last year.

Breakdown of Home Sale Times

46 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 57 homes were sold in Dearborn; 81% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 9% 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 27 Days Ago

Newest Listings in Dearborn, MI

Nearby Markets to Dearborn, MI

What housing markets are near Dearborn, MI?