Is Madison Heights, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Madison Heights has remained a Seller's Market.
Key Takeaway
Madison Heights is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Madison Heights, MI
How much do homes in Madison Heights, MI cost?
Median Sold Price
$201,550
$192/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Madison Heights have sold for 0.8% more than they did a year ago.
Summary: The median home sold price in Madison Heights was $201,550 in March 2024, up 0.8% from last year, and the median price per square foot was $192.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $109K | $99K | -9.2% |
| 2 Bedrooms | $138.5K | $148K | +6.9% |
| 3 Bedrooms | $209.9K | $225K | +7.2% |
| 4 Bedrooms | $240K | $227.2K | -5.3% |
| 5+ Bedrooms | $215K | $256.5K | +19.3% |
Summary: Madison Heights housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9.2%, 2 bedroom homes increased by 6.9%, 3 bedroom homes increased by 7.2%, 4 bedroom homes decreased by 5.3%, and 5+ bedroom homes increased by 19.3%.
Median Sold Price Compared To Nearby Cities
| Royal Oak | $315.4K | $344.2K | +9.1% |
| Warren | $173.3K | $184.2K | +6.3% |
| Sterling Heights | $280K | $290.4K | +3.7% |
| Troy | $400K | $408K | +2.0% |
| Madison Heights | $200K | $201.5K | +0.8% |
Housing Supply in Madison Heights, MI
How many homes are available in Madison Heights, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 65 | 65 | 0.0% |
Summary: The Madison Heights real estate market had 65 homes for sale in March 2024, the same as February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 18 | 14 | -22.2% |
| 3 Bedrooms | 41 | 47 | +14.6% |
| 4 Bedrooms | 5 | 4 | -20.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Madison Heights housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 22.2%, 3 bedroom homes increased by 14.6%, 4 bedroom homes decreased by 20%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 29 | 24 | -17.2% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Madison Heights, you may be able to get a good deal. 45.8% of homes here sold below asking price last month.
Summary: A total of 24 homes were sold or pending in Madison Heights in March 2024, down by 17.2% month-over-month. Of the 24 sold homes, 46% were sold under asking, 17% were sold at asking, and 38% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 28 Days | 25 Days | -8.6% |
Summary: Homes in Madison Heights had an average of 25 days on market in Mar 2024, down by 8.6% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Madison Heights are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 24 homes were sold in Madison Heights; 75% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 8% 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.