Is Southgate, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Southgate is a seller's market

Buyer's
Market

Difference Since April 2021

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

Key Takeaway

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

How much do homes in Southgate, MI cost?

Median Sold Price

$165,000

$142/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2021

+$15,100(+10.1%)

Key Takeaway

Homes in Southgate have sold for 10.1% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSApr 2021Apr 2022%
1 -$87.5K
N/A
2 $109K$124K
+13.8%
3 $150K$170K
+13.3%
4 $241.4K$225K
-6.8%
5+ $190K$225K
+18.4%

Median Sold Price Compared To Nearby Cities

Lincoln Park
+16.5%
Wyandotte
+14.2%
Riverview
+12.9%
Allen Park
+10.5%
Southgate
+10.1%

How many homes are available in Southgate, MI?

Number of Homes For Sale

Mar 2022Apr 2022%
5258+11.5%

Homes For Sale By Bedroom Count

# BEDSMar 2022Apr 2022%
1 32
-33.3%
2 810
+25.0%
3 3545
+28.6%
4 50
-100.0%
5+ 11
0.0%

Number of Homes Sold

Mar 2022Apr 2022%
2320-13.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

14 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Southgate, you could pay more than the asking price. 73.7% of homes here sold above asking price last month.

Average Sale Time

Apr 2021Apr 2022%
25 Days9 Days-64.6%

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Southgate 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 Southgate, MI

Southgate, MI has 58 homes for sale to choose from. In April 2022 in Southgate, MI there were 11.5% more homes for sale than in March 2022. While the average time on the market in April 2022 was 9 days, the median list price was $165,000. Between March 2022 and April 2022, listing prices of homes in this real estate market have seen the following changes: the cost of 1 bedroom properties went up by 0%, prices of 2 bedrooms properties increased by 13.8%, prices of 3 bedrooms properties went up by 13.3%, prices of 4 bedrooms properties decreased by 6.8%, prices of 5 bedrooms properties increased by 18.4%. The following changes in the number of homes for sale were observed in this housing market: the quantity of 1 bedroom homes went down by 33.3%, 2 bedrooms homes became 25% more available, 3 bedrooms homes became 28.6% more available, 4 bedrooms homes became 100% less available, the quantity of 5 bedrooms homes have not changed. Southgate, MI housing market in April 2022 saw over 14 listings sold above listed price, more than 1 sold at listed price and over 4 sold below.

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