Is Southfield Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
At the same time last year, Southfield Township was a Buyer's Market.
Key Takeaway
Southfield Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Southfield Township, MI
How much do homes in Southfield Township, MI cost?
Median Sold Price
$260,000
$158/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Southfield Township have sold for 38.8% less than they did a year ago.
Summary: The median home sold price in Southfield Township was $260,000 in November 2023, down 38.8% from last year, and the median price per square foot was $158.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $88K | N/A |
| 2 Bedrooms | $178K | $164.5K | -7.6% |
| 3 Bedrooms | $385K | $245K | -36.4% |
| 4 Bedrooms | $615.2K | $355K | -42.3% |
| 5+ Bedrooms | $640K | $628K | -1.9% |
Summary: Southfield Township housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 7.6%, 3 bedroom homes decreased by 36.4%, 4 bedroom homes decreased by 42.3%, and 5+ bedroom homes decreased by 1.9%.
Median Sold Price Compared To Nearby Cities
| Birmingham | $602.1K | $721.7K | +19.9% |
| Beverly Hills | $462.5K | $517.5K | +11.9% |
| Southfield Township | $425K | $260K | -38.8% |
Housing Supply in Southfield Township, MI
How many homes are available in Southfield Township, MI?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 238 | 220 | -7.6% |
Summary: The Southfield Township real estate market had 220 homes for sale in November 2023, a 7.6% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 54 | 59 | +9.3% |
| 3 Bedrooms | 120 | 104 | -13.3% |
| 4 Bedrooms | 53 | 48 | -9.4% |
| 5+ Bedrooms | 8 | 7 | -12.5% |
Summary: The Southfield Township housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 9.3%, 3 bedroom homes decreased by 13.3%, 4 bedroom homes decreased by 9.4%, and 5+ bedroom homes decreased by 12.5%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 89 | 48 | -46.1% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
20 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southfield Township, you may be able to get a good deal. 51.1% of homes here sold below asking price last month.
Summary: A total of 48 homes were sold or pending in Southfield Township in November 2023, down by 46.1% month-over-month. Of the 47 sold homes, 51% were sold under asking, 6% were sold at asking, and 43% were sold over asking.
Days on Market for Southfield Township, MI
How long does it take to sell a home in Southfield Township, MI?
Average Sale Time
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 24 Days | 20 Days | -14.1% |
Summary: Homes in Southfield Township had an average of 20 days on market in Nov 2023, down by 14.1% compared to last year.
Breakdown of Home Sale Times
39 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Southfield Township are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 48 homes were sold in Southfield Township; 81% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 4% 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 2023 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.