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.
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
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
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
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.