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 September 2023

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.

Housing Prices in Southgate, MI

How much do homes in Southgate, MI cost?

Median Sold Price

$194,450

$171/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$19,450(+11.1%)

Key Takeaway

Homes in Southgate have sold for 11.1% more than they did a year ago.

Summary: The median home sold price in Southgate was $194,450 in September 2024, up 11.1% from last year, and the median price per square foot was $171.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $80K$103.3K
+29.1%
2 $136.4K$151K
+10.7%
3 $180K$200K
+11.1%
4 $283K$260K
-8.1%
5+ $300.5K$549K
+82.7%

Summary: Southgate housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 29.1%, 2 bedroom homes increased by 10.7%, 3 bedroom homes increased by 11.1%, 4 bedroom homes decreased by 8.1%, and 5+ bedroom homes increased by 82.7%.

Median Sold Price Compared To Nearby Cities

Allen Park
+12.6%
Southgate
+11.1%
Wyandotte
+8.4%
Lincoln Park
+7.7%
Riverview
0.0%

Housing Supply in Southgate, MI

How many homes are available in Southgate, MI?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
9491-3.2%

Summary: The Southgate real estate market had 91 homes for sale in September 2024, a 3.2% decrease compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 00
0.0%
2 1712
-29.4%
3 6668
+3.0%
4 1010
0.0%
5+ 11
0.0%

Summary: The Southgate housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 29.4%, 3 bedroom homes increased by 3%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
3522-37.1%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

12 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. 54.5% of homes here sold above asking price last month.

Summary: A total of 22 homes were sold or pending in Southgate in September 2024, down by 37.1% month-over-month. Of the 22 sold homes, 32% were sold under asking, 14% were sold at asking, and 55% were sold over asking.

Days on Market for Southgate, MI

How long does it take to sell a home in Southgate, MI?

Average Sale Time

Sep 2023Sep 2024CHANGE
11 Days19 Days+66.8%

Summary: Homes in Southgate had an average of 19 days on market in Sep 2024, up by 66.8% compared to last year.

Breakdown of Home Sale Times

18 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was 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.

Summary: During September 2024, 22 homes were sold in Southgate; 82% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 5% 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 30 Days Ago

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