Is Franklin Park, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Franklin Park has remained a Seller's Market.
Key Takeaway
Franklin Park is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Franklin Park, MI
How much do homes in Franklin Park, MI cost?
Median Sold Price
$55,000
$56/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Franklin Park have sold for 3.8% more than they did a year ago.
Summary: The median home sold price in Franklin Park was $55,000 in April 2024, up 3.8% from last year, and the median price per square foot was $56.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $49K | $52.5K | +7.1% |
| 3 Bedrooms | $55K | $55.5K | +0.9% |
| 4 Bedrooms | $55K | $48.2K | -12.3% |
| 5+ Bedrooms | - | $500K | N/A |
Summary: Franklin Park housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 0.9%, 4 bedroom homes decreased by 12.3%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Grandale | $44K | $57.2K | +30.1% |
| Weatherby / Franklin Park | $50K | $55K | +10.0% |
| Cody / Rouge | $108K | $118K | +9.3% |
| Franklin Park | $53K | $55K | +3.8% |
Housing Supply in Franklin Park, MI
How many homes are available in Franklin Park, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 38 | 42 | +10.5% |
Summary: The Franklin Park real estate market had 42 homes for sale in April 2024, a 10.5% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 2 | -33.3% |
| 3 Bedrooms | 31 | 37 | +19.4% |
| 4 Bedrooms | 4 | 3 | -25.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Franklin Park housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 33.3%, 3 bedroom homes increased by 19.4%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 10 | 8 | -20.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Franklin Park, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Franklin Park in April 2024, down by 20.0% month-over-month. Of the 8 sold homes, 75% were sold under asking, 13% were sold at asking, and 13% were sold over asking.
Days on Market for Franklin Park, MI
How long does it take to sell a home in Franklin Park, MI?
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Franklin Park has remained consistent over time.
Summary: During April 2024, 8 homes were sold in Franklin Park; 25% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 25% 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.
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.