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 neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, Hazel Park was a Seller's Market.

Key Takeaway

Hazel Park is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Hazel Park, MI

How much do homes in Hazel Park, MI cost?

Median Sold Price

$175,000

$173/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$13,500(+8.4%)

Key Takeaway

Homes in Hazel Park have sold for 8.4% more than they did a year ago.

Summary: The median home sold price in Hazel Park was $175,000 in October 2024, up 8.4% from last year, and the median price per square foot was $173.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $140K$95.4K
-31.8%
2 $137K$155K
+13.1%
3 $175K$183.5K
+4.9%
4 $195K$220K
+12.8%
5+ $231.5K$201.2K
-13.1%

Summary: Hazel Park housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 31.8%, 2 bedroom homes increased by 13.1%, 3 bedroom homes increased by 4.9%, 4 bedroom homes increased by 12.8%, and 5+ bedroom homes decreased by 13.1%.

Median Sold Price Compared To Nearby Cities

Madison Heights
+11.9%
Warren
+9.2%
Hazel Park
+8.4%
Detroit
+6.6%
Royal Oak
+3.0%

Housing Supply in Hazel Park, MI

How many homes are available in Hazel Park, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
95102+7.4%

Summary: The Hazel Park real estate market had 102 homes for sale in October 2024, a 7.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 12
+100.0%
2 2829
+3.6%
3 5559
+7.3%
4 1010
0.0%
5+ 12
+100.0%

Summary: The Hazel Park housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 7.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2317-26.1%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Hazel Park, you may be able to get a good deal. 41.2% of homes here sold below asking price last month.

Summary: A total of 17 homes were sold or pending in Hazel Park in October 2024, down by 26.1% month-over-month. Of the 17 sold homes, 41% were sold under asking, 29% were sold at asking, and 29% were sold over asking.

Days on Market for Hazel Park, MI

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

Average Sale Time

Oct 2023Oct 2024CHANGE
28 Days20 Days-27.9%

Summary: Homes in Hazel Park had an average of 20 days on market in Oct 2024, down by 27.9% compared to last year.

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

0 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.

Summary: During October 2024, 17 homes were sold in Hazel Park; 71% of homes were sold within 30 days, 29% 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

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