Is Garden City, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 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
$195,666
$179/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Garden City have sold for 13.4% more than they did a year ago.
Summary: The median home sold price in Garden City was $195,666 in June 2024, up 13.4% from last year, and the median price per square foot was $179.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $134K | $151.8K | +13.3% |
| 3 Bedrooms | $175.7K | $200K | +13.8% |
| 4 Bedrooms | $210.9K | $191K | -9.5% |
| 5+ Bedrooms | $179K | $274.9K | +53.6% |
Summary: Garden City housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 13.3%, 3 bedroom homes increased by 13.8%, 4 bedroom homes decreased by 9.5%, and 5+ bedroom homes increased by 53.6%.
Median Sold Price Compared To Nearby Cities
| Dearborn Heights | $170K | $199.8K | +17.5% |
| Garden City | $172.5K | $195.6K | +13.4% |
| Inkster | $91.3K | $102K | +11.7% |
| Westland | $190K | $208.3K | +9.7% |
Housing Supply in Garden City, MI
How many homes are available in Garden City, MI?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 92 | 91 | -1.1% |
Summary: The Garden City real estate market had 91 homes for sale in June 2024, a 1.1% decrease compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 7 | 5 | -28.6% |
| 3 Bedrooms | 66 | 71 | +7.6% |
| 4 Bedrooms | 15 | 10 | -33.3% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Garden City housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 28.6%, 3 bedroom homes increased by 7.6%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 35 | 33 | -5.7% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Garden City, you could pay more than the asking price. 51.5% of homes here sold above asking price last month.
Summary: A total of 33 homes were sold or pending in Garden City in June 2024, down by 5.7% month-over-month. Of the 33 sold homes, 24% were sold under asking, 24% were sold at asking, and 52% 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
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 18 Days | 15 Days | -16.3% |
Summary: Homes in Garden City had an average of 15 days on market in Jun 2024, down by 16.3% compared to last year.
Breakdown of Home Sale Times
28 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Garden City are selling fast, if you're buying plan to act quickly.
Summary: During June 2024, 33 homes were sold in Garden City; 85% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
