Is Redford, 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, Redford has remained a Seller's Market.
Housing Prices in Redford, MI
How much do homes in Redford, MI cost?
Median Sold Price
$161,912
$141/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Redford was $161,912 in March 2024, up 4.2% from last year, and the median price per square foot was $141.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $44K | $55K | +25.0% |
2 Bedrooms | $110K | $117.5K | +6.8% |
3 Bedrooms | $159.8K | $165K | +3.3% |
4 Bedrooms | $193K | $199.9K | +3.6% |
5+ Bedrooms | $199.9K | $255K | +27.6% |
Summary: Redford housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 6.8%, 3 bedroom homes increased by 3.3%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes increased by 27.6%.
Median Sold Price Compared To Nearby Cities
Dearborn Heights | $170K | $185.8K | +9.3% |
Livonia | $264.7K | $284.9K | +7.6% |
Redford | $155.4K | $161.9K | +4.2% |
Southfield | $215K | $220.7K | +2.7% |
Redford Charter Township | $157.4K | $161.3K | +2.5% |
Housing Supply in Redford, MI
How many homes are available in Redford, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
189 | 200 | +5.8% |
Summary: The Redford real estate market had 200 homes for sale in March 2024, a 5.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 0 | -100.0% |
2 Bedrooms | 21 | 28 | +33.3% |
3 Bedrooms | 159 | 162 | +1.9% |
4 Bedrooms | 8 | 10 | +25.0% |
5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Redford 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 increased by 33.3%, 3 bedroom homes increased by 1.9%, 4 bedroom homes increased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
54 | 44 | -18.5% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Summary: A total of 44 homes were sold or pending in Redford in March 2024, down by 18.5% month-over-month. Of the 44 sold homes, 25% were sold under asking, 27% were sold at asking, and 48% were sold over asking.
Days on Market for Redford, MI
How long does it take to sell a home in Redford, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
112 Days | 30 Days | -73.0% |
Summary: Homes in Redford had an average of 30 days on market in Mar 2024, down by 73% compared to last year.
Breakdown of Home Sale Times
28 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During March 2024, 44 homes were sold in Redford; 64% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.