Is River Rouge, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing River Rouge is a neutral's market

Buyer's
Market

Difference Since January 2023

Since last year, River Rouge has remained a Neutral Market.

Key Takeaway

River Rouge 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 River Rouge, MI

How much do homes in River Rouge, MI cost?

Median Sold Price

$74,250

$64/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

+$6,000(+8.8%)

Key Takeaway

Homes in River Rouge have sold for 8.8% more than they did a year ago.

Summary: The median home sold price in River Rouge was $74,250 in January 2024, up 8.8% from last year, and the median price per square foot was $64.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $10K$70K
+600.0%
2 $48K$58K
+20.8%
3 $68.2K$72K
+5.5%
4 $71.2K$81.6K
+14.6%
5+ $89.9K$75K
-16.6%

Summary: River Rouge housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes increased by 600%, 2 bedroom homes increased by 20.8%, 3 bedroom homes increased by 5.5%, 4 bedroom homes increased by 14.6%, and 5+ bedroom homes decreased by 16.6%.

Median Sold Price Compared To Nearby Cities

Ecorse
+15.4%
River Rouge
+8.8%
Detroit
-3.6%

Housing Supply in River Rouge, MI

How many homes are available in River Rouge, MI?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
2420-16.7%

Summary: The River Rouge real estate market had 20 homes for sale in January 2024, a 16.7% decrease compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 00
0.0%
2 45
+25.0%
3 129
-25.0%
4 86
-25.0%
5+ 00
0.0%

Summary: The River Rouge housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes decreased by 25%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
83-62.5%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in River Rouge, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Summary: A total of 3 homes were sold or pending in River Rouge in January 2024, down by 62.5% month-over-month. Of the 3 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.

Days on Market for River Rouge, MI

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

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During January 2024, 3 homes were sold in River Rouge; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% 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 29 Days Ago

Newest Listings in River Rouge, MI

Nearby Markets to River Rouge, MI

What housing markets are near River Rouge, MI?