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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Southfield Township is a seller's market

Buyer's
Market

Difference Since May 2021

Since last year, Southfield Township has remained a Seller's Market.

Key Takeaway

Southfield Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in Southfield Township, MI cost?

Median Sold Price

$475,000

$219/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2021

+$70,000(+17.3%)

Key Takeaway

Homes in Southfield Township have sold for 17.3% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSMay 2021May 2022%
1 --
N/A
2 $304.5K$326.5K
+7.2%
3 $355K$380K
+7.0%
4 $452K$596.8K
+32.1%
5+ $690K$805K
+16.7%

Median Sold Price Compared To Nearby Cities

Southfield Township
+17.3%
Beverly Hills
+11.4%
Birmingham
+7.3%
Bingham Farms
+4.5%

How many homes are available in Southfield Township, MI?

Number of Homes For Sale

Apr 2022May 2022%
6384+33.3%

Homes For Sale By Bedroom Count

# BEDSApr 2022May 2022%
1 00
0.0%
2 22
0.0%
3 3037
+23.3%
4 2235
+59.1%
5+ 910
+11.1%

Number of Homes Sold

Apr 2022May 2022%
2124+14.3%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

10 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. 45.8% of homes here sold below asking price last month.

Average Sale Time

May 2021May 2022%
9 Days14 Days+50.0%

Breakdown of Home Sale Times

22 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 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.

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

About Southfield Township, MI

There are 84 homes are for sale in Southfield Township, MI real estate market. The number of listings in Southfield Township, MI increased by 33.3% between April 2022 and May 2022. Listings spent 14 days on the market in May 2022, and had a median list price of $475,000 during the same period. Listing prices have changed in this real estate market between April 2022 and May 2022: prices of 1 bedroom properties went up by 0%, prices of 2 bedrooms properties increased by 7.2%, the cost of 3 bedrooms properties went up by 7%, prices of 4 bedrooms properties went up by 32.1%, the cost of 5 bedrooms properties went up by 16.7%. Housing inventory have changed in this real estate market: 1 bedroom homes inventory did not change, the quantity of 2 bedrooms homes have not changed, 3 bedrooms homes inventory increased by 23.3%, the quantity of 4 bedrooms homes went up by 59.1%, 5 bedrooms homes inventory increased by 11.1%. In May 2022 more than 10 listings in Southfield Township, MI were sold above the asking price. During the same period more than 3 listings were sold at asking price, while more than 11 were sold below.

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