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 seller's market

Buyer's
Market

Difference Since July 2021

Since last year, River Rouge has remained a Seller's Market.

Key Takeaway

River Rouge is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in River Rouge, MI cost?

Median Sold Price

$60,000

$57/sqft

Based on all homes sold in the last 12 months.

Difference Since July 2021

+$10,000(+20.0%)

Key Takeaway

Homes in River Rouge have sold for 20% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJul 2021Jul 2022%
1 $29.9K-
N/A
2 $33K$37.5K
+13.6%
3 $65.7K$64K
-2.7%
4 $60K$66K
+10.0%
5+ $26.5K$85.5K
+222.6%

Median Sold Price Compared To Nearby Cities

Detroit
+27.6%
River Rouge
+20.0%

How many homes are available in River Rouge, MI?

Number of Homes For Sale

Jun 2022Jul 2022%
2930+3.4%

Homes For Sale By Bedroom Count

# BEDSJun 2022Jul 2022%
1 01
+100.0%
2 43
-25.0%
3 1816
-11.1%
4 69
+50.0%
5+ 11
0.0%

Number of Homes Sold

Jun 2022Jul 2022%
46+50.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

1 Home Was 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 may be able to get a good deal. 50% of homes here sold below asking price last month.

Average Sale Time

Jul 2021Jul 2022%
45 Days40 Days-11.1%

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

3 Homes Were 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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About River Rouge, MI

River Rouge, MI has 30 homes on the market. In July 2022 in River Rouge, MI there were 3.4% more homes for sale than in June 2022. Listings spent 40 days on the market in July 2022, and had a median list price of $60,000 during the same period. Listing prices have changed in this real estate market between June 2022 and July 2022: prices of 1 bedroom properties went up by 0%, prices of 2 bedrooms properties increased by 13.6%, prices of 3 bedrooms properties decreased by 2.7%, prices of 4 bedrooms properties went up by 10%, prices of 5 bedrooms properties increased by 222.6%. Volume of homes for sale in this real estate market have seen the following changes: volume of 1 bedroom homes went up by 100%, 2 bedrooms homes inventory decreased by 25%, volume of 3 bedrooms homes went down by 11.1%, number of 4 bedrooms homes increased by 50%, 5 bedrooms homes did not move. While more than 2 listings in River Rouge, MI in July 2022 were sold above asking price, there were more than 1 listings sold at asking price, and more than 3 were sold below.

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