Is Garfield 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, Garfield Park has remained a Seller's Market.
Housing Prices in Garfield Park, MI
How much do homes in Garfield Park, MI cost?
Median Sold Price
$231,500
$175/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Garfield Park was $231,500 in April 2024, up 15.8% from last year, and the median price per square foot was $175.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $183.2K | $125K | -31.8% |
2 Bedrooms | $170K | $186K | +9.4% |
3 Bedrooms | $205K | $245K | +19.5% |
4 Bedrooms | $200K | $275K | +37.5% |
5+ Bedrooms | $210K | $252.5K | +20.2% |
Summary: Garfield Park housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 31.8%, 2 bedroom homes increased by 9.4%, 3 bedroom homes increased by 19.5%, 4 bedroom homes increased by 37.5%, and 5+ bedroom homes increased by 20.2%.
Median Sold Price Compared To Nearby Neighborhoods
South East Community Association | $171K | $212.5K | +24.3% |
Garfield Park | $200K | $231.5K | +15.8% |
Oakdale | $182.5K | $210.9K | +15.6% |
Madison Area | $172.5K | $195K | +13.0% |
Alger Heights | $245.5K | $275K | +12.0% |
Housing Supply in Garfield Park, MI
How many homes are available in Garfield Park, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
18 | 25 | +38.9% |
Summary: The Garfield Park real estate market had 25 homes for sale in April 2024, a 38.9% 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 | 0 | 2 | +100.0% |
3 Bedrooms | 12 | 17 | +41.7% |
4 Bedrooms | 2 | 2 | 0.0% |
5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Garfield 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 increased by 100%, 3 bedroom homes increased by 41.7%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
7 | 7 | 0.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 7 homes were sold or pending in Garfield Park in April 2024, the same as the previous month. Of the 7 sold homes, 43% were sold under asking, 0% were sold at asking, and 57% were sold over asking.
Days on Market for Garfield Park, MI
How long does it take to sell a home in Garfield Park, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
4 Days | 27 Days | +542.9% |
Summary: Homes in Garfield Park had an average of 27 days on market in Apr 2024, up by 542.9% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During April 2024, 7 homes were sold in Garfield Park; 71% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.