Is Hazel Park, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
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.
Housing Prices
How much do homes in Hazel Park, MI cost?
Median Sold Price
$159,999
$161/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in Hazel Park have sold for 3.8% more than they did a year ago.
Summary: The median home sold price in Hazel Park was $159,999 in August 2023, up 3.8% from last year, and the median price per square foot was $161.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $72K | $139.9K | +94.4% |
| 2 Bedrooms | $126.5K | $135K | +6.7% |
| 3 Bedrooms | $166.3K | $173.2K | +4.1% |
| 4 Bedrooms | $180K | $197K | +9.4% |
| 5+ Bedrooms | $244K | $231.5K | -5.1% |
Summary: Hazel Park housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes increased by 94.4%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 9.4%, and 5+ bedroom homes decreased by 5.1%.
Median Sold Price Compared To Nearby Cities
| Royal Oak | $309.2K | $325K | +5.1% |
| Hazel Park | $154.1K | $159.9K | +3.8% |
| Madison Heights | $190K | $195K | +2.6% |
| Warren | $174.9K | $170.2K | -2.7% |
| Detroit | $83.1K | $77.9K | -6.3% |
Housing Supply
How many homes are available in Hazel Park, MI?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 91 | 96 | +5.5% |
Summary: The Hazel Park real estate market had 96 homes for sale in August 2023, a 5.5% increase compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 32 | 33 | +3.1% |
| 3 Bedrooms | 45 | 46 | +2.2% |
| 4 Bedrooms | 12 | 15 | +25.0% |
| 5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Hazel Park housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 3.1%, 3 bedroom homes increased by 2.2%, 4 bedroom homes increased by 25%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 29 | 21 | -27.6% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hazel Park, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.
Summary: A total of 21 homes were sold or pending in Hazel Park in August 2023, down by 27.6% month-over-month. Of the 21 sold homes, 43% were sold under asking, 14% were sold at asking, and 43% were sold over asking.
Days on Market
How long does it take to sell a home in Hazel Park, MI?
Average Sale Time
| Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 5 Days | 16 Days | +237.1% |
Summary: Homes in Hazel Park had an average of 16 days on market in Aug 2023, up by 237.1% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Hazel Park are selling fast, if you're buying plan to act quickly.
Summary: During August 2023, 21 homes were sold in Hazel Park; 76% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.