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 November 2023

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.

Housing Prices in Southfield Township, MI

How much do homes in Southfield Township, MI cost?

Median Sold Price

$270,209

$142/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$15,407(+6.0%)

Key Takeaway

Homes in Southfield Township have sold for 6% more than they did a year ago.

Summary: The median home sold price in Southfield Township was $270,209 in November 2024, up 6% from last year, and the median price per square foot was $142.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $83K$76K
-8.4%
2 $167K$171.5K
+2.7%
3 $240K$260K
+8.3%
4 $360K$393.4K
+9.3%
5+ $614.5K$560K
-8.9%

Summary: Southfield Township housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 8.4%, 2 bedroom homes increased by 2.7%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 9.3%, and 5+ bedroom homes decreased by 8.9%.

Median Sold Price Compared To Nearby Cities

Birmingham
+18.0%
Southfield Township
+6.0%
Beverly Hills
-0.3%

Housing Supply in Southfield Township, MI

How many homes are available in Southfield Township, MI?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
256268+4.7%

Summary: The Southfield Township real estate market had 268 homes for sale in November 2024, a 4.7% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 10
-100.0%
2 5161
+19.6%
3 115121
+5.2%
4 7573
-2.7%
5+ 1413
-7.1%

Summary: The Southfield Township housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 19.6%, 3 bedroom homes increased by 5.2%, 4 bedroom homes decreased by 2.7%, and 5+ bedroom homes decreased by 7.1%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
6762-7.5%

Asking Price vs. Sold Price

31 Homes Were Sold
Under Asking

11 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. 50% of homes here sold below asking price last month.

Summary: A total of 62 homes were sold or pending in Southfield Township in November 2024, down by 7.5% month-over-month. Of the 62 sold homes, 50% were sold under asking, 18% were sold at asking, and 32% 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 2023Nov 2024CHANGE
22 Days33 Days+51.3%

Summary: Homes in Southfield Township had an average of 33 days on market in Nov 2024, up by 51.3% compared to last year.

Breakdown of Home Sale Times

39 Homes Were Sold
Under 30 Days

19 Homes Were Sold
In 30 - 90 Days

4 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 2024, 62 homes were sold in Southfield Township; 63% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 6% 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 3 Days Ago

Newest Listings in Southfield Township, MI

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