Is Hazel Park, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Hazel Park is a seller's market

Buyer's
Market

Difference Since May 2021

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

Key Takeaway

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

How much do homes in Hazel Park, MI cost?

Median Sold Price

$138,000

$138/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2021

+$13,000(+10.4%)

Key Takeaway

Homes in Hazel Park have sold for 10.4% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSMay 2021May 2022%
1 $825$695
-15.8%
2 $92.5K$99.7K
+7.8%
3 $135K$159K
+17.8%
4 $157.5K$153K
-2.9%
5+ $35.8K$327K
+813.4%

Median Sold Price Compared To Nearby Cities

Royal Oak
+11.3%
Hazel Park
+10.4%
Ferndale
+7.0%
Madison Heights
+4.9%
Warren
+4.3%

How many homes are available in Hazel Park, MI?

Number of Homes For Sale

Apr 2022May 2022%
108116+7.4%

Homes For Sale By Bedroom Count

# BEDSApr 2022May 2022%
1 00
0.0%
2 3837
-2.6%
3 5963
+6.8%
4 913
+44.4%
5+ 23
+50.0%

Number of Homes Sold

Apr 2022May 2022%
3238+18.8%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

21 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Hazel Park, you could pay more than the asking price. 55.3% of homes here sold above asking price last month.

Average Sale Time

May 2021May 2022%
14 Days23 Days+59.9%

Breakdown of Home Sale Times

29 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

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

About Hazel Park, MI

Homes for sale in Hazel Park, MI have reached 116. The number of listings in Hazel Park, MI increased by 7.4% between April 2022 and May 2022. The median list price of listings available in May 2022 was $138,000, while the average time on the real estate market was 23 days. Between April 2022 and May 2022, listing prices of homes in this real estate market have seen the following changes: the cost of 1 bedroom properties went down by 15.8%, prices of 2 bedrooms properties increased by 7.8%, prices of 3 bedrooms properties went up by 17.8%, the cost of 4 bedrooms properties went down by 2.9%, 5 bedrooms properties became 813.4% more expensive. The following changes in the number of homes for sale were observed in this housing market: volume of 1 bedroom homes stayed the same, 2 bedrooms homes inventory decreased by 2.6%, the quantity of 3 bedrooms homes went up by 6.8%, volume of 4 bedrooms homes went up by 44.4%, volume of 5 bedrooms homes went up by 50%. In May 2022, from all listings sold in Hazel Park, MI there were more than 21 sold above asking price, over 9 sold below and more than 8 were sold right at the asked price.

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