Is Ferndale, 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, Ferndale has remained a Seller's Market.
Key Takeaway
Ferndale is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Ferndale, MI
How much do homes in Ferndale, MI cost?
Median Sold Price
$242,000
$236/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Ferndale have sold for 1.7% more than they did a year ago.
Summary: The median home sold price in Ferndale was $242,000 in March 2024, up 1.7% from last year, and the median price per square foot was $236.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $192K | $285K | +48.4% |
| 2 Bedrooms | $190K | $208K | +9.5% |
| 3 Bedrooms | $261K | $255K | -2.3% |
| 4 Bedrooms | $340K | $317.5K | -6.6% |
| 5+ Bedrooms | $360K | $443.5K | +23.2% |
Summary: Ferndale housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 48.4%, 2 bedroom homes increased by 9.5%, 3 bedroom homes decreased by 2.3%, 4 bedroom homes decreased by 6.6%, and 5+ bedroom homes increased by 23.2%.
Median Sold Price Compared To Nearby Cities
| Pleasant Ridge | $420K | $500K | +19.0% |
| Royal Oak | $315.4K | $344.2K | +9.1% |
| Oak Park | $205K | $215K | +4.9% |
| Hazel Park | $160K | $165.3K | +3.3% |
| Ferndale | $238K | $242K | +1.7% |
Housing Supply in Ferndale, MI
How many homes are available in Ferndale, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 64 | 88 | +37.5% |
Summary: The Ferndale real estate market had 88 homes for sale in March 2024, a 37.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 22 | 29 | +31.8% |
| 3 Bedrooms | 38 | 49 | +28.9% |
| 4 Bedrooms | 3 | 8 | +166.7% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Ferndale housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 31.8%, 3 bedroom homes increased by 28.9%, 4 bedroom homes increased by 166.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 20 | 25 | +25.0% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Ferndale, you may be able to get a good deal. 40% of homes here sold below asking price last month.
Summary: A total of 25 homes were sold or pending in Ferndale in March 2024, up by 25.0% month-over-month. Of the 25 sold homes, 40% were sold under asking, 20% were sold at asking, and 40% were sold over asking.
Days on Market for Ferndale, MI
How long does it take to sell a home in Ferndale, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 115 Days | 32 Days | -72.0% |
Summary: Homes in Ferndale had an average of 32 days on market in Mar 2024, down by 72% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Ferndale are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 25 homes were sold in Ferndale; 68% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.