Is Southfield, 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, Southfield has remained a Seller's Market.
Key Takeaway
Southfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Southfield, MI
How much do homes in Southfield, MI cost?
Median Sold Price
$220,750
$145/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Southfield have sold for 2.7% more than they did a year ago.
Summary: The median home sold price in Southfield was $220,750 in March 2024, up 2.7% from last year, and the median price per square foot was $145.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $102.5K | $79.9K | -22.0% |
| 2 Bedrooms | $150K | $159.8K | +6.6% |
| 3 Bedrooms | $215K | $227.6K | +5.9% |
| 4 Bedrooms | $300K | $315K | +5.0% |
| 5+ Bedrooms | $375.2K | $357.5K | -4.7% |
Summary: Southfield housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 22%, 2 bedroom homes increased by 6.6%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 5%, and 5+ bedroom homes decreased by 4.7%.
Median Sold Price Compared To Nearby Cities
| Beverly Hills | $486.5K | $501K | +3.0% |
| Southfield | $215K | $220.7K | +2.7% |
| Lathrup Village | $318K | $309K | -2.8% |
| Southfield Township | $275K | $259.9K | -5.5% |
Housing Supply in Southfield, MI
How many homes are available in Southfield, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 153 | 155 | +1.3% |
Summary: The Southfield real estate market had 155 homes for sale in March 2024, a 1.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 3 | -25.0% |
| 2 Bedrooms | 46 | 37 | -19.6% |
| 3 Bedrooms | 62 | 77 | +24.2% |
| 4 Bedrooms | 37 | 34 | -8.1% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Southfield housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes decreased by 19.6%, 3 bedroom homes increased by 24.2%, 4 bedroom homes decreased by 8.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 46 | 40 | -13.0% |
Asking Price vs. Sold Price
21 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southfield, you may be able to get a good deal. 52.5% of homes here sold below asking price last month.
Summary: A total of 40 homes were sold or pending in Southfield in March 2024, down by 13.0% month-over-month. Of the 40 sold homes, 53% were sold under asking, 18% were sold at asking, and 30% were sold over asking.
Days on Market for Southfield, MI
How long does it take to sell a home in Southfield, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 99 Days | 31 Days | -68.5% |
Summary: Homes in Southfield had an average of 31 days on market in Mar 2024, down by 68.5% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Southfield are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 40 homes were sold in Southfield; 57% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
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.