Is Melvindale, 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, Melvindale has remained a Seller's Market.
Key Takeaway
Melvindale is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Melvindale, MI
How much do homes in Melvindale, MI cost?
Median Sold Price
$141,750
$129/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Melvindale have sold for 10.7% more than they did a year ago.
Summary: The median home sold price in Melvindale was $141,750 in March 2024, up 10.7% from last year, and the median price per square foot was $129.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $49.5K | - | N/A |
| 2 Bedrooms | $105.9K | $108K | +1.9% |
| 3 Bedrooms | $139K | $144K | +3.6% |
| 4 Bedrooms | $141.5K | $177.4K | +25.4% |
| 5+ Bedrooms | - | $185K | N/A |
Summary: Melvindale 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 1.9%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 25.4%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Allen Park | $183K | $210K | +14.8% |
| Melvindale | $128K | $141.7K | +10.7% |
| Dearborn | $220K | $242K | +10.0% |
| Lincoln Park | $134.7K | $146.9K | +9.1% |
| Detroit | $80.2K | $80.1K | -0.1% |
Housing Supply in Melvindale, MI
How many homes are available in Melvindale, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 26 | 25 | -3.8% |
Summary: The Melvindale real estate market had 25 homes for sale in March 2024, a 3.8% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 13 | 14 | +7.7% |
| 3 Bedrooms | 11 | 6 | -45.5% |
| 4 Bedrooms | 1 | 4 | +300.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Melvindale 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 increased by 7.7%, 3 bedroom homes decreased by 45.5%, 4 bedroom homes increased by 300%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 12 | 10 | -16.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Melvindale, you could pay more than the asking price. 60% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in Melvindale in March 2024, down by 16.7% month-over-month. Of the 10 sold homes, 40% were sold under asking, 0% were sold at asking, and 60% were sold over asking.
Days on Market for Melvindale, MI
How long does it take to sell a home in Melvindale, MI?
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Melvindale are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 10 homes were sold in Melvindale; 90% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
