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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Melvindale is a seller's market

Buyer's
Market

Difference Since November 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

$140,500

$119/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$1,500(+1.1%)

Key Takeaway

Homes in Melvindale have sold for 1.1% more than they did a year ago.

Summary: The median home sold price in Melvindale was $140,500 in November 2024, up 1.1% from last year, and the median price per square foot was $119.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 -$86K
N/A
2 $108K$115.5K
+6.9%
3 $142.5K$159K
+11.6%
4 $175K$170.5K
-2.6%
5+ -$185K
N/A

Summary: Melvindale housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6.9%, 3 bedroom homes increased by 11.6%, 4 bedroom homes decreased by 2.6%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Dearborn
+8.9%
Detroit
+8.5%
Allen Park
+7.5%
Lincoln Park
+7.1%
Melvindale
+1.1%

Housing Supply in Melvindale, MI

How many homes are available in Melvindale, MI?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
2226+18.2%

Summary: The Melvindale real estate market had 26 homes for sale in November 2024, a 18.2% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 10
-100.0%
2 89
+12.5%
3 1214
+16.7%
4 13
+200.0%
5+ 00
0.0%

Summary: The Melvindale housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 200%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
79+28.6%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Melvindale, you may be able to get a good deal. 55.6% of homes here sold below asking price last month.

Summary: A total of 9 homes were sold or pending in Melvindale in November 2024, up by 28.6% month-over-month. Of the 9 sold homes, 56% were sold under asking, 22% were sold at asking, and 22% were sold over asking.

Days on Market for Melvindale, MI

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

Average Sale Time

Nov 2023Nov 2024CHANGE
6 Days20 Days+238.9%

Summary: Homes in Melvindale had an average of 20 days on market in Nov 2024, up by 238.9% compared to last year.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 9 homes were sold in Melvindale; 89% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 11% 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 13 Days Ago

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