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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Dearborn Heights is a seller's market

Buyer's
Market

Difference Since September 2023

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

Key Takeaway

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

Housing Prices in Dearborn Heights, MI

How much do homes in Dearborn Heights, MI cost?

Median Sold Price

$205,000

$177/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$25,000(+13.9%)

Key Takeaway

Homes in Dearborn Heights have sold for 13.9% more than they did a year ago.

Summary: The median home sold price in Dearborn Heights was $205,000 in September 2024, up 13.9% from last year, and the median price per square foot was $177.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $56K$64K
+14.3%
2 $118.5K$140.9K
+18.9%
3 $185K$205K
+10.8%
4 $248.5K$355K
+42.9%
5+ $275K$299.5K
+8.9%

Summary: Dearborn Heights housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 18.9%, 3 bedroom homes increased by 10.8%, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes increased by 8.9%.

Median Sold Price Compared To Nearby Cities

Inkster
+15.0%
Dearborn
+14.0%
Dearborn Heights
+13.9%
Allen Park
+12.6%
Redford
+10.9%

Housing Supply in Dearborn Heights, MI

How many homes are available in Dearborn Heights, MI?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
177191+7.9%

Summary: The Dearborn Heights real estate market had 191 homes for sale in September 2024, a 7.9% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 01
+100.0%
2 2634
+30.8%
3 114124
+8.8%
4 3127
-12.9%
5+ 65
-16.7%

Summary: The Dearborn Heights housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 30.8%, 3 bedroom homes increased by 8.8%, 4 bedroom homes decreased by 12.9%, and 5+ bedroom homes decreased by 16.7%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
5859+1.7%

Asking Price vs. Sold Price

23 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

31 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Dearborn Heights, you could pay more than the asking price. 52.5% of homes here sold above asking price last month.

Summary: A total of 59 homes were sold or pending in Dearborn Heights in September 2024, up by 1.7% month-over-month. Of the 59 sold homes, 39% were sold under asking, 8% were sold at asking, and 53% were sold over asking.

Days on Market for Dearborn Heights, MI

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

Average Sale Time

Sep 2023Sep 2024CHANGE
21 Days15 Days-30.8%

Summary: Homes in Dearborn Heights had an average of 15 days on market in Sep 2024, down by 30.8% compared to last year.

Breakdown of Home Sale Times

52 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During September 2024, 59 homes were sold in Dearborn Heights; 88% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 0% 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 7 Days Ago

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