Is Dearborn, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$242,000
$178/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Dearborn have sold for 10% more than they did a year ago.
Summary: The median home sold price in Dearborn was $242,000 in March 2024, up 10% from last year, and the median price per square foot was $178.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $78.2K | $85K | +8.6% |
| 2 Bedrooms | $151K | $160K | +6.0% |
| 3 Bedrooms | $217K | $240K | +10.6% |
| 4 Bedrooms | $293K | $305K | +4.1% |
| 5+ Bedrooms | $319K | $284.2K | -10.9% |
Summary: Dearborn housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.6%, 2 bedroom homes increased by 6%, 3 bedroom homes increased by 10.6%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes decreased by 10.9%.
Median Sold Price Compared To Nearby Cities
| Allen Park | $183K | $210K | +14.8% |
| Melvindale | $128K | $141.7K | +10.7% |
| Dearborn | $220K | $242K | +10.0% |
| Dearborn Heights | $170K | $185.8K | +9.3% |
| Detroit | $80.2K | $80.1K | -0.1% |
Housing Supply in Dearborn, MI
How many homes are available in Dearborn, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 176 | 189 | +7.4% |
Summary: The Dearborn real estate market had 189 homes for sale in March 2024, a 7.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 4 | -20.0% |
| 2 Bedrooms | 20 | 24 | +20.0% |
| 3 Bedrooms | 98 | 106 | +8.2% |
| 4 Bedrooms | 40 | 43 | +7.5% |
| 5+ Bedrooms | 13 | 12 | -7.7% |
Summary: The Dearborn housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 8.2%, 4 bedroom homes increased by 7.5%, and 5+ bedroom homes decreased by 7.7%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 62 | 50 | -19.4% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
26 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Dearborn, you could pay more than the asking price. 52% of homes here sold above asking price last month.
Summary: A total of 50 homes were sold or pending in Dearborn in March 2024, down by 19.4% month-over-month. Of the 50 sold homes, 38% were sold under asking, 10% were sold at asking, and 52% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 76 Days | 15 Days | -79.7% |
Summary: Homes in Dearborn had an average of 15 days on market in Mar 2024, down by 79.7% compared to last year.
Breakdown of Home Sale Times
40 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Dearborn are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 50 homes were sold in Dearborn; 80% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.