Is Dearborn, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Dearborn has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $78.2K | $85K | +8.6% |
2 Bedrooms | $151K | $159.5K | +5.6% |
3 Bedrooms | $216K | $239.7K | +11.0% |
4 Bedrooms | $295K | $305K | +3.4% |
5+ Bedrooms | $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 | $183K | $204.7K | +11.9% |
Melvindale | $126K | $140K | +11.1% |
Dearborn | $219.9K | $241.2K | +9.7% |
Dearborn Heights | $169.9K | $185K | +8.8% |
Detroit | $82.5K | $80K | -3.1% |
Housing Supply in Dearborn, MI
How many homes are available in Dearborn, MI?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
173 | 182 | +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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 5 | -16.7% |
2 Bedrooms | 17 | 20 | +17.6% |
3 Bedrooms | 108 | 103 | -4.6% |
4 Bedrooms | 33 | 40 | +21.2% |
5+ Bedrooms | 9 | 14 | +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 2024 | Feb 2024 | CHANGE |
---|---|---|
49 | 57 | +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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
13 Days | 22 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
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.