Is Southfield, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Southfield is a seller's market

Buyer's
Market

Difference Since May 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

$225,000

$145/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$10,000(+4.7%)

Key Takeaway

Homes in Southfield have sold for 4.7% more than they did a year ago.

Summary: The median home sold price in Southfield was $225,000 in May 2024, up 4.7% from last year, and the median price per square foot was $145.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $111.7K$78.7K
-29.5%
2 $155K$155.3K
0.2%
3 $215K$228.5K
+6.3%
4 $305K$316.5K
+3.8%
5+ $330K$391.2K
+18.6%

Summary: Southfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 29.5%, 2 bedroom homes increased by 0.2%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 18.6%.

Median Sold Price Compared To Nearby Cities

Bingham Farms
+14.2%
Beverly Hills
+12.2%
Southfield Township
+6.3%
Southfield
+4.7%
Lathrup Village
-3.0%

Housing Supply in Southfield, MI

How many homes are available in Southfield, MI?

Number of Homes For Sale

Apr 2024May 2024CHANGE
184196+6.5%

Summary: The Southfield real estate market had 196 homes for sale in May 2024, a 6.5% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 46
+50.0%
2 4848
0.0%
3 8698
+14.0%
4 3937
-5.1%
5+ 77
0.0%

Summary: The Southfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes remained the same, 3 bedroom homes increased by 14%, 4 bedroom homes decreased by 5.1%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
5746-19.3%

Asking Price vs. Sold Price

19 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

19 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Southfield, you may be able to get a good deal. 41.3% of homes here sold below asking price last month.

Summary: A total of 46 homes were sold or pending in Southfield in May 2024, down by 19.3% month-over-month. Of the 46 sold homes, 41% were sold under asking, 17% were sold at asking, and 41% 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

May 2023May 2024CHANGE
26 Days19 Days-26.7%

Summary: Homes in Southfield had an average of 19 days on market in May 2024, down by 26.7% compared to last year.

Breakdown of Home Sale Times

37 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 46 homes were sold in Southfield; 80% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 2% 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 16 Days Ago

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