Is Madison Heights, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Madison Heights is a seller's market

Buyer's
Market

Difference Since February 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

$198,333

$191/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$1,666(-0.8%)

Key Takeaway

Homes in Madison Heights have sold for 0.8% less than they did a year ago.

Summary: The median home sold price in Madison Heights was $198,333 in February 2024, down 0.8% from last year, and the median price per square foot was $191.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $109K$99K
-9.2%
2 $135K$145K
+7.4%
3 $209.9K$221K
+5.3%
4 $238.8K$234.5K
-1.8%
5+ $220K$256.5K
+16.6%

Summary: Madison Heights housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9.2%, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 5.3%, 4 bedroom homes decreased by 1.8%, and 5+ bedroom homes increased by 16.6%.

Median Sold Price Compared To Nearby Cities

Warren
+7.5%
Royal Oak
+7.3%
Sterling Heights
+3.1%
Troy
+1.4%
Madison Heights
-0.8%

Housing Supply in Madison Heights, MI

How many homes are available in Madison Heights, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
8078-2.5%

Summary: The Madison Heights real estate market had 78 homes for sale in February 2024, a 2.5% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 31
-66.7%
2 1918
-5.3%
3 5153
+3.9%
4 76
-14.3%
5+ 00
0.0%

Summary: The Madison Heights housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 66.7%, 2 bedroom homes decreased by 5.3%, 3 bedroom homes increased by 3.9%, 4 bedroom homes decreased by 14.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
2637+42.3%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

16 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Madison Heights, you may be able to get a good deal. 43.2% of homes here sold below asking price last month.

Summary: A total of 37 homes were sold or pending in Madison Heights in February 2024, up by 42.3% month-over-month. Of the 37 sold homes, 43% were sold under asking, 14% were sold at asking, and 43% 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

Feb 2023Feb 2024CHANGE
112 Days18 Days-83.6%

Summary: Homes in Madison Heights had an average of 18 days on market in Feb 2024, down by 83.6% compared to last year.

Breakdown of Home Sale Times

30 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 37 homes were sold in Madison Heights; 81% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 3% 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 1 Day Ago

Newest Listings in Madison Heights, MI

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