Is Southfield, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Southfield has remained a Seller's Market.
Housing Prices in Southfield, MI
How much do homes in Southfield, MI cost?
Median Sold Price
$225,166
$147/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Summary: The median home sold price in Southfield was $225,166 in June 2024, up 4.7% from last year, and the median price per square foot was $147.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $93.7K | $76.8K | -18.0% |
2 Bedrooms | $160K | $155.8K | -2.6% |
3 Bedrooms | $215K | $230K | +7.0% |
4 Bedrooms | $308K | $315K | +2.3% |
5+ Bedrooms | $327.5K | $395K | +20.6% |
Summary: Southfield housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 18%, 2 bedroom homes decreased by 2.6%, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 2.3%, and 5+ bedroom homes increased by 20.6%.
Median Sold Price Compared To Nearby Cities
Bingham Farms | $439K | $562.5K | +28.1% |
Beverly Hills | $455K | $513K | +12.7% |
Southfield Township | $250K | $266K | +6.4% |
Southfield | $215K | $225.1K | +4.7% |
Lathrup Village | $320K | $324.5K | +1.4% |
Housing Supply in Southfield, MI
How many homes are available in Southfield, MI?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
195 | 178 | -8.7% |
Summary: The Southfield real estate market had 178 homes for sale in June 2024, a 8.7% decrease compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 3 | -25.0% |
2 Bedrooms | 48 | 51 | +6.3% |
3 Bedrooms | 100 | 87 | -13.0% |
4 Bedrooms | 38 | 31 | -18.4% |
5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The Southfield housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 6.3%, 3 bedroom homes decreased by 13%, 4 bedroom homes decreased by 18.4%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
58 | 54 | -6.9% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
32 Homes Were Sold
Over Asking
Summary: A total of 54 homes were sold or pending in Southfield in June 2024, down by 6.9% month-over-month. Of the 54 sold homes, 30% were sold under asking, 11% were sold at asking, and 59% 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
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
30 Days | 18 Days | -40.2% |
Summary: Homes in Southfield had an average of 18 days on market in Jun 2024, down by 40.2% compared to last year.
Breakdown of Home Sale Times
47 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During June 2024, 54 homes were sold in Southfield; 87% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.