Is Madison Heights, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Madison Heights has remained a Seller's Market.
Housing Prices in Madison Heights, MI
How much do homes in Madison Heights, MI cost?
Median Sold Price
$213,000
$193/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Summary: The median home sold price in Madison Heights was $213,000 in June 2024, up 9.2% from last year, and the median price per square foot was $193.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $105K | $97K | -7.6% |
2 Bedrooms | $140.5K | $153K | +8.9% |
3 Bedrooms | $210K | $228K | +8.6% |
4 Bedrooms | $247.5K | $260.5K | +5.3% |
5+ Bedrooms | $215K | $200K | -7.0% |
Summary: Madison Heights housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 7.6%, 2 bedroom homes increased by 8.9%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 5.3%, and 5+ bedroom homes decreased by 7%.
Median Sold Price Compared To Nearby Cities
Madison Heights | $195K | $213K | +9.2% |
Sterling Heights | $278.2K | $299.8K | +7.7% |
Royal Oak | $319.9K | $342.9K | +7.2% |
Warren | $171.4K | $182.9K | +6.7% |
Troy | $400K | $411.5K | +2.9% |
Housing Supply in Madison Heights, MI
How many homes are available in Madison Heights, MI?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
74 | 82 | +10.8% |
Summary: The Madison Heights real estate market had 82 homes for sale in June 2024, a 10.8% increase compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 13 | 15 | +15.4% |
3 Bedrooms | 55 | 60 | +9.1% |
4 Bedrooms | 6 | 5 | -16.7% |
5+ Bedrooms | 0 | 2 | +100.0% |
Summary: The Madison Heights housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 15.4%, 3 bedroom homes increased by 9.1%, 4 bedroom homes decreased by 16.7%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
24 | 29 | +20.8% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Summary: A total of 29 homes were sold or pending in Madison Heights in June 2024, up by 20.8% month-over-month. Of the 29 sold homes, 14% were sold under asking, 10% were sold at asking, and 76% were sold over asking.
Days on Market for Madison Heights, MI
How long does it take to sell a home in Madison Heights, MI?
Average Sale Time
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
7 Days | 11 Days | +46.7% |
Summary: Homes in Madison Heights had an average of 11 days on market in Jun 2024, up by 46.7% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During June 2024, 29 homes were sold in Madison Heights; 93% of homes were sold within 30 days, 3% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.