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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Livonia is a seller's market

Buyer's
Market

Difference Since January 2023

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

Key Takeaway

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

Housing Prices in Livonia, MI

How much do homes in Livonia, MI cost?

Median Sold Price

$282,750

$199/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

+$18,457(+7.0%)

Key Takeaway

Homes in Livonia have sold for 7% more than they did a year ago.

Summary: The median home sold price in Livonia was $282,750 in January 2024, up 7% from last year, and the median price per square foot was $199.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $100K$110.5K
+10.5%
2 $180K$201.5K
+11.9%
3 $260K$275K
+5.8%
4 $349.4K$370K
+5.9%
5+ $383K$400K
+4.4%

Summary: Livonia housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.5%, 2 bedroom homes increased by 11.9%, 3 bedroom homes increased by 5.8%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes increased by 4.4%.

Median Sold Price Compared To Nearby Cities

Farmington
+8.7%
Livonia
+7.0%
Farmington Hills
+2.9%
Redford
+1.4%
Redford Charter Township
-0.2%

Housing Supply in Livonia, MI

How many homes are available in Livonia, MI?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
167155-7.2%

Summary: The Livonia real estate market had 155 homes for sale in January 2024, a 7.2% decrease compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 32
-33.3%
2 2518
-28.0%
3 9594
-1.1%
4 4239
-7.1%
5+ 22
0.0%

Summary: The Livonia housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes decreased by 28%, 3 bedroom homes decreased by 1.1%, 4 bedroom homes decreased by 7.1%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
7749-36.4%

Asking Price vs. Sold Price

19 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

22 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Livonia, you could pay more than the asking price. 44.9% of homes here sold above asking price last month.

Summary: A total of 49 homes were sold or pending in Livonia in January 2024, down by 36.4% month-over-month. Of the 49 sold homes, 39% were sold under asking, 16% were sold at asking, and 45% were sold over asking.

Days on Market for Livonia, MI

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

Average Sale Time

Jan 2023Jan 2024CHANGE
29 Days15 Days-48.1%

Summary: Homes in Livonia had an average of 15 days on market in Jan 2024, down by 48.1% compared to last year.

Breakdown of Home Sale Times

39 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During January 2024, 49 homes were sold in Livonia; 80% of homes were sold within 30 days, 20% 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 29 Days Ago

Newest Listings in Livonia, MI

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