Is Old Redford, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Old Redford was a Seller's Market.
Key Takeaway
Old Redford is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Old Redford, MI
How much do homes in Old Redford, MI cost?
Median Sold Price
$99,750
$87/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
The sold price of homes in Old Redford has remained the same since last year.
Summary: The median home sold price in Old Redford was $99,750 in April 2024, down 0.3% from last year, and the median price per square foot was $87.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $20K | $99.5K | +397.5% |
| 2 Bedrooms | $50.9K | $72K | +41.3% |
| 3 Bedrooms | $100K | $105K | +5.0% |
| 4 Bedrooms | $115.5K | $155K | +34.2% |
| 5+ Bedrooms | $190K | $209K | +10.0% |
Summary: Old Redford housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 397.5%, 2 bedroom homes increased by 41.3%, 3 bedroom homes increased by 5%, 4 bedroom homes increased by 34.2%, and 5+ bedroom homes increased by 10%.
Median Sold Price Compared To Nearby Neighborhoods
| Berg-Lahser | $110K | $149.9K | +36.3% |
| Old Redford | $100K | $99.7K | -0.3% |
| The Eye | $100K | $92K | -8.0% |
| Five Points | $100K | $80K | -20.0% |
Housing Supply in Old Redford, MI
How many homes are available in Old Redford, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 49 | 56 | +14.3% |
Summary: The Old Redford real estate market had 56 homes for sale in April 2024, a 14.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 4 | 6 | +50.0% |
| 3 Bedrooms | 40 | 46 | +15.0% |
| 4 Bedrooms | 4 | 4 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Old Redford housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 15%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 12 | 8 | -33.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Old Redford, you may be able to get a good deal. 62.5% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Old Redford in April 2024, down by 33.3% month-over-month. Of the 8 sold homes, 63% were sold under asking, 25% were sold at asking, and 13% were sold over asking.
Days on Market for Old Redford, MI
How long does it take to sell a home in Old Redford, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 62 Days | 49 Days | -21.6% |
Summary: Homes in Old Redford had an average of 49 days on market in Apr 2024, down by 21.6% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Old Redford are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 8 homes were sold in Old Redford; 50% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 13% 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.