Is River Rouge, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
At the same time last year, River Rouge was a Neutral Market.
Housing Prices in River Rouge, MI
How much do homes in River Rouge, MI cost?
Median Sold Price
$83,250
$70/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Summary: The median home sold price in River Rouge was $83,250 in June 2024, up 15.6% from last year, and the median price per square foot was $70.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $10K | $70K | +600.0% |
2 Bedrooms | $46K | $66.7K | +45.1% |
3 Bedrooms | $72K | $87K | +20.8% |
4 Bedrooms | $72K | $85K | +18.1% |
5+ Bedrooms | $115K | $75K | -34.8% |
Summary: River Rouge housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 600%, 2 bedroom homes increased by 45.1%, 3 bedroom homes increased by 20.8%, 4 bedroom homes increased by 18.1%, and 5+ bedroom homes decreased by 34.8%.
Housing Supply in River Rouge, MI
How many homes are available in River Rouge, MI?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
20 | 22 | +10.0% |
Summary: The River Rouge real estate market had 22 homes for sale in June 2024, a 10.0% increase compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 3 | 4 | +33.3% |
3 Bedrooms | 13 | 12 | -7.7% |
4 Bedrooms | 3 | 4 | +33.3% |
5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The River Rouge housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes decreased by 7.7%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
8 | 4 | -50.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 4 homes were sold or pending in River Rouge in June 2024, down by 50.0% month-over-month. Of the 4 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.
Days on Market for River Rouge, MI
How long does it take to sell a home in River Rouge, MI?
Average Sale Time
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
27 Days | 17 Days | -35.2% |
Summary: Homes in River Rouge had an average of 17 days on market in Jun 2024, down by 35.2% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During June 2024, 4 homes were sold in River Rouge; 75% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.