Is Garden City, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Garden City is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Garden City has remained a Seller's Market.

Key Takeaway

Garden City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Garden City, MI

How much do homes in Garden City, MI cost?

Median Sold Price

$190,000

$172/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$14,250(+8.1%)

Key Takeaway

Homes in Garden City have sold for 8.1% more than they did a year ago.

Summary: The median home sold price in Garden City was $190,000 in February 2024, up 8.1% from last year, and the median price per square foot was $172.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 --
N/A
2 $136.5K$140K
+2.6%
3 $180K$190K
+5.6%
4 $206K$190K
-7.8%
5+ $182K$230K
+26.4%

Summary: Garden City housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 2.6%, 3 bedroom homes increased by 5.6%, 4 bedroom homes decreased by 7.8%, and 5+ bedroom homes increased by 26.4%.

Median Sold Price Compared To Nearby Cities

Inkster
+17.0%
Dearborn Heights
+8.8%
Garden City
+8.1%
Westland
+5.3%

Housing Supply in Garden City, MI

How many homes are available in Garden City, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
8673-15.1%

Summary: The Garden City real estate market had 73 homes for sale in February 2024, a 15.1% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 11
0.0%
2 57
+40.0%
3 6651
-22.7%
4 910
+11.1%
5+ 54
-20.0%

Summary: The Garden City housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 40%, 3 bedroom homes decreased by 22.7%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes decreased by 20%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
3622-38.9%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Garden City, you may be able to get a good deal. 45.5% of homes here sold below asking price last month.

Summary: A total of 22 homes were sold or pending in Garden City in February 2024, down by 38.9% month-over-month. Of the 22 sold homes, 45% were sold under asking, 18% were sold at asking, and 36% were sold over asking.

Days on Market for Garden City, MI

How long does it take to sell a home in Garden City, MI?

Average Sale Time

Feb 2023Feb 2024CHANGE
26 Days28 Days+6.0%

Summary: Homes in Garden City had an average of 28 days on market in Feb 2024, up by 6% compared to last year.

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 22 homes were sold in Garden City; 55% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

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

Report Updated 1 Day Ago

Newest Listings in Garden City, MI

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