Is Sterling Heights, 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, Sterling Heights has remained a Seller's Market.
Key Takeaway
Sterling Heights is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Sterling Heights, MI
How much do homes in Sterling Heights, MI cost?
Median Sold Price
$290,458
$186/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Sterling Heights have sold for 3.7% more than they did a year ago.
Summary: The median home sold price in Sterling Heights was $290,458 in March 2024, up 3.7% from last year, and the median price per square foot was $186.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $97K | $97.4K | 0.5% |
| 2 Bedrooms | $196K | $210K | +7.1% |
| 3 Bedrooms | $280K | $286.1K | +2.2% |
| 4 Bedrooms | $333.2K | $350K | +5.0% |
| 5+ Bedrooms | $396K | $395K | -0.3% |
Summary: Sterling Heights housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.5%, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 2.2%, 4 bedroom homes increased by 5%, and 5+ bedroom homes decreased by 0.3%.
Median Sold Price Compared To Nearby Cities
| Utica | $270K | $492.5K | +82.4% |
| Fraser | $218K | $229.7K | +5.4% |
| Sterling Heights | $280K | $290.4K | +3.7% |
| Shelby Charter Township | $335K | $339.9K | +1.5% |
| Clinton Township | $230K | $228.7K | -0.5% |
Housing Supply in Sterling Heights, MI
How many homes are available in Sterling Heights, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 181 | 212 | +17.1% |
Summary: The Sterling Heights real estate market had 212 homes for sale in March 2024, a 17.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 31 | 43 | +38.7% |
| 3 Bedrooms | 93 | 109 | +17.2% |
| 4 Bedrooms | 52 | 51 | -1.9% |
| 5+ Bedrooms | 4 | 7 | +75.0% |
Summary: The Sterling Heights housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 38.7%, 3 bedroom homes increased by 17.2%, 4 bedroom homes decreased by 1.9%, and 5+ bedroom homes increased by 75%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 58 | 80 | +37.9% |
Asking Price vs. Sold Price
32 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
39 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Sterling Heights, you could pay more than the asking price. 48.8% of homes here sold above asking price last month.
Summary: A total of 80 homes were sold or pending in Sterling Heights in March 2024, up by 37.9% month-over-month. Of the 80 sold homes, 40% were sold under asking, 11% were sold at asking, and 49% were sold over asking.
Days on Market for Sterling Heights, MI
How long does it take to sell a home in Sterling Heights, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 97 Days | 20 Days | -79.4% |
Summary: Homes in Sterling Heights had an average of 20 days on market in Mar 2024, down by 79.4% compared to last year.
Breakdown of Home Sale Times
64 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Sterling Heights are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 80 homes were sold in Sterling Heights; 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.