Is Southgate, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Southgate has remained a Seller's Market.
Housing Prices in Southgate, MI
How much do homes in Southgate, MI cost?
Median Sold Price
$180,000
$159/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Southgate was $180,000 in March 2024, up 2.9% from last year, and the median price per square foot was $159.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $80K | $96.6K | +20.8% |
2 Bedrooms | $133K | $150K | +12.8% |
3 Bedrooms | $180K | $189K | +5.0% |
4 Bedrooms | $269.7K | $292.5K | +8.4% |
5+ Bedrooms | $289.9K | $300.5K | +3.7% |
Summary: Southgate housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20.8%, 2 bedroom homes increased by 12.8%, 3 bedroom homes increased by 5%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes increased by 3.7%.
Median Sold Price Compared To Nearby Cities
Allen Park | $183K | $210K | +14.8% |
Lincoln Park | $134.7K | $146.9K | +9.1% |
Wyandotte | $170K | $181K | +6.5% |
Southgate | $175K | $180K | +2.9% |
Riverview | $200K | $190K | -5.0% |
Housing Supply in Southgate, MI
How many homes are available in Southgate, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
52 | 49 | -5.8% |
Summary: The Southgate real estate market had 49 homes for sale in March 2024, a 5.8% decrease compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 15 | 11 | -26.7% |
3 Bedrooms | 30 | 30 | 0.0% |
4 Bedrooms | 7 | 8 | +14.3% |
5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Southgate housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 26.7%, 3 bedroom homes remained the same, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
16 | 15 | -6.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 15 homes were sold or pending in Southgate in March 2024, down by 6.3% month-over-month. Of the 15 sold homes, 33% were sold under asking, 13% were sold at asking, and 53% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
61 Days | 19 Days | -68.2% |
Summary: Homes in Southgate had an average of 19 days on market in Mar 2024, down by 68.2% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 15 homes were sold in Southgate; 80% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.