Is Southgate, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
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
$178,000
$154/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Southgate have sold for 2% more than they did a year ago.
Summary: The median home sold price in Southgate was $178,000 in November 2023, up 2% from last year, and the median price per square foot was $154.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $84K | $80K | -4.8% |
| 2 Bedrooms | $131.5K | $141K | +7.2% |
| 3 Bedrooms | $179.9K | $185K | +2.8% |
| 4 Bedrooms | $255K | $275K | +7.8% |
| 5+ Bedrooms | $269.9K | $300.5K | +11.3% |
Summary: Southgate housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 4.8%, 2 bedroom homes increased by 7.2%, 3 bedroom homes increased by 2.8%, 4 bedroom homes increased by 7.8%, and 5+ bedroom homes increased by 11.3%.
Median Sold Price Compared To Nearby Cities
| Wyandotte | $165.1K | $180K | +9.0% |
| Allen Park | $180K | $195.9K | +8.9% |
| Lincoln Park | $131.2K | $140K | +6.7% |
| Southgate | $174.5K | $178K | +2.0% |
| Riverview | $200K | $194.9K | -2.5% |
Housing Supply in Southgate, MI
How many homes are available in Southgate, MI?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 79 | 65 | -17.7% |
Summary: The Southgate real estate market had 65 homes for sale in November 2023, a 17.7% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 0 | -100.0% |
| 2 Bedrooms | 19 | 17 | -10.5% |
| 3 Bedrooms | 47 | 39 | -17.0% |
| 4 Bedrooms | 11 | 9 | -18.2% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Southgate housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 10.5%, 3 bedroom homes decreased by 17%, 4 bedroom homes decreased by 18.2%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 33 | 25 | -24.2% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southgate, you could pay more than the asking price. 64% of homes here sold above asking price last month.
Summary: A total of 25 homes were sold or pending in Southgate in November 2023, down by 24.2% month-over-month. Of the 25 sold homes, 24% were sold under asking, 12% were sold at asking, and 64% 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
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 6 Days | 23 Days | +289.3% |
Summary: Homes in Southgate had an average of 23 days on market in Nov 2023, up by 289.3% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Southgate are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 25 homes were sold in Southgate; 80% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.