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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Ferndale is a seller's market

Buyer's
Market

Difference Since April 2021

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.

How much do homes in Ferndale, MI cost?

Median Sold Price

$227,500

$211/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2021

+$11,500(+5.3%)

Key Takeaway

Homes in Ferndale have sold for 5.3% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSApr 2021Apr 2022%
1 $100K$210K
+110.0%
2 $162.8K$180K
+10.5%
3 $230K$245K
+6.5%
4 $280K$272.5K
-2.7%
5+ $286K$362.5K
+26.7%

Median Sold Price Compared To Nearby Cities

Oak Park
+21.6%
Hazel Park
+10.9%
Ferndale
+5.3%

How many homes are available in Ferndale, MI?

Number of Homes For Sale

Mar 2022Apr 2022%
95118+24.2%

Homes For Sale By Bedroom Count

# BEDSMar 2022Apr 2022%
1 34
+33.3%
2 2428
+16.7%
3 5771
+24.6%
4 814
+75.0%
5+ 31
-66.7%

Number of Homes Sold

Mar 2022Apr 2022%
3732-13.5%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

24 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Ferndale, you could pay more than the asking price. 75% of homes here sold above asking price last month.

Average Sale Time

Apr 2021Apr 2022%
27 Days11 Days-59.6%

Breakdown of Home Sale Times

31 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Ferndale, MI

Homes for sale in Ferndale, MI have reached 118. Between March 2022 and April 2022, Ferndale, MI real estate market has seen increase in the number of listings by 24.2%. In April 2022 median list price was $227,500 and the average listing age was 11 days. Listing prices have changed in this real estate market between March 2022 and April 2022: prices of 1 bedroom properties increased by 110%, 2 bedrooms properties became 10.5% more expensive, the cost of 3 bedrooms properties went up by 6.5%, prices of 4 bedrooms properties decreased by 2.7%, prices of 5 bedrooms properties went up by 26.7%. Housing inventory have changed in this real estate market: the quantity of 1 bedroom homes went up by 33.3%, 2 bedrooms homes became 16.7% more available, volume of 3 bedrooms homes went up by 24.6%, the quantity of 4 bedrooms homes went up by 75%, the quantity of 5 bedrooms homes went down by 66.7%. In April 2022, from all listings sold in Ferndale, MI there were more than 24 sold above asking price, over 6 sold below and more than 2 were sold right at the asked price.

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