Is Flat Rock, 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, Flat Rock has remained a Seller's Market.
Key Takeaway
Flat Rock is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Flat Rock, MI
How much do homes in Flat Rock, MI cost?
Median Sold Price
$302,500
$173/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Flat Rock have sold for 0.9% more than they did a year ago.
Summary: The median home sold price in Flat Rock was $302,500 in March 2024, up 0.9% from last year, and the median price per square foot was $173.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $235K | $254K | +8.1% |
| 3 Bedrooms | $238.9K | $280K | +17.2% |
| 4 Bedrooms | $384K | $362.5K | -5.6% |
| 5+ Bedrooms | $345K | $345K | 0.0% |
Summary: Flat Rock housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 8.1%, 3 bedroom homes increased by 17.2%, 4 bedroom homes decreased by 5.6%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Rockwood | $229.9K | $282.5K | +22.9% |
| Brownstown Charter Township | $278.7K | $287.5K | +3.1% |
| Flat Rock | $299.9K | $302.5K | +0.9% |
| Berlin Charter Township | $285K | $280K | -1.8% |
Housing Supply in Flat Rock, MI
How many homes are available in Flat Rock, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 46 | 53 | +15.2% |
Summary: The Flat Rock real estate market had 53 homes for sale in March 2024, a 15.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 13 | 16 | +23.1% |
| 3 Bedrooms | 20 | 23 | +15.0% |
| 4 Bedrooms | 12 | 14 | +16.7% |
| 5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The Flat Rock housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 23.1%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 9 | 16 | +77.8% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Flat Rock, you may be able to get a good deal. 56.3% of homes here sold below asking price last month.
Summary: A total of 16 homes were sold or pending in Flat Rock in March 2024, up by 77.8% month-over-month. Of the 16 sold homes, 56% were sold under asking, 19% were sold at asking, and 25% were sold over asking.
Days on Market for Flat Rock, MI
How long does it take to sell a home in Flat Rock, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 58 Days | 14 Days | -74.8% |
Summary: Homes in Flat Rock had an average of 14 days on market in Mar 2024, down by 74.8% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Flat Rock are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 16 homes were sold in Flat Rock; 94% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
