Is Lathrup Village, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lathrup Village is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

Housing Prices in Lathrup Village, MI

How much do homes in Lathrup Village, MI cost?

Median Sold Price

$309,000

$164/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

-$9,000(-2.8%)

Key Takeaway

Homes in Lathrup Village have sold for 2.8% less than they did a year ago.

Summary: The median home sold price in Lathrup Village was $309,000 in March 2024, down 2.8% from last year, and the median price per square foot was $164.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 --
N/A
2 $171.5K$174K
+1.5%
3 $301.2K$302.8K
0.5%
4 $355K$350K
-1.4%
5+ $321.5K$517.5K
+61.0%

Summary: Lathrup Village housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 1.5%, 3 bedroom homes increased by 0.5%, 4 bedroom homes decreased by 1.4%, and 5+ bedroom homes increased by 61%.

Median Sold Price Compared To Nearby Cities

Southfield
+2.7%
Lathrup Village
-2.8%

Housing Supply in Lathrup Village, MI

How many homes are available in Lathrup Village, MI?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
880.0%

Summary: The Lathrup Village real estate market had 8 homes for sale in March 2024, the same as February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 21
-50.0%
3 46
+50.0%
4 21
-50.0%
5+ 00
0.0%

Summary: The Lathrup Village housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes increased by 50%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
220.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lathrup Village, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 2 homes were sold or pending in Lathrup Village in March 2024, the same as the previous month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.

Days on Market for Lathrup Village, MI

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

Average Sale Time

Mar 2023Mar 2024CHANGE
83 Days15 Days-81.9%

Summary: Homes in Lathrup Village had an average of 15 days on market in Mar 2024, down by 81.9% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 2 homes were sold in Lathrup Village; 100% of homes were sold within 30 days, 0% 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 24 Days Ago

Newest Listings in Lathrup Village, MI

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