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

Housing Market Conditions



Gauge showing Southfield Township is a seller'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



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

# BEDSNov 2022Nov 2023CHANGE
1 -$88K
2 $178K$164.5K
3 $385K$245K
4 $615.2K$355K
5+ $640K$628K

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

Beverly Hills
Southfield Township

Housing Supply in Southfield Township, MI

How many homes are available in Southfield Township, MI?

Number of Homes For Sale

Oct 2023Nov 2023CHANGE

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

# BEDSOct 2023Nov 2023CHANGE
1 32
2 5459
3 120104
4 5348
5+ 87

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 2023Nov 2023CHANGE

Asking Price vs. Sold Price

24 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

20 Homes Were Sold
Over Asking

Asking vs Sold - buyer

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 2022Nov 2023CHANGE
24 Days20 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

Breakdown of Home Sale Times

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.

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

Report Updated 2 Days Ago

Newest Listings in Southfield Township, MI

Nearby Markets to Southfield Township, MI

What housing markets are near Southfield Township, MI?