Is Hamtramck, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Hamtramck is a seller's market

Buyer's
Market

Difference Since September 2023

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

Key Takeaway

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

Housing Prices in Hamtramck, MI

How much do homes in Hamtramck, MI cost?

Median Sold Price

$165,000

$128/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$15,000(+10.0%)

Key Takeaway

Homes in Hamtramck have sold for 10% more than they did a year ago.

Summary: The median home sold price in Hamtramck was $165,000 in September 2024, up 10% from last year, and the median price per square foot was $128.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 -$90K
N/A
2 $118.2K$80K
-32.3%
3 $140.5K$160K
+13.8%
4 $173K$177.5K
+2.6%
5+ $212.7K$217.1K
+2.1%

Summary: Hamtramck housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 32.3%, 3 bedroom homes increased by 13.8%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes increased by 2.1%.

Median Sold Price Compared To Nearby Cities

Hamtramck
+10.0%
Detroit
+7.5%

Housing Supply in Hamtramck, MI

How many homes are available in Hamtramck, MI?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
5346-13.2%

Summary: The Hamtramck real estate market had 46 homes for sale in September 2024, a 13.2% decrease compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 10
-100.0%
2 78
+14.3%
3 2823
-17.9%
4 1010
0.0%
5+ 75
-28.6%

Summary: The Hamtramck housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 14.3%, 3 bedroom homes decreased by 17.9%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 28.6%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
159-40.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Hamtramck, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.

Summary: A total of 9 homes were sold or pending in Hamtramck in September 2024, down by 40.0% month-over-month. Of the 9 sold homes, 44% were sold under asking, 33% were sold at asking, and 22% were sold over asking.

Days on Market for Hamtramck, MI

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

Average Sale Time

Sep 2023Sep 2024CHANGE
29 Days26 Days-9.1%

Summary: Homes in Hamtramck had an average of 26 days on market in Sep 2024, down by 9.1% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During September 2024, 9 homes were sold in Hamtramck; 56% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 11% 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 30 Days Ago

Newest Listings in Hamtramck, MI

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