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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Warren is a seller's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

Housing Prices in Warren, MI

How much do homes in Warren, MI cost?

Median Sold Price

$183,618

$151/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$12,793(+7.5%)

Key Takeaway

Homes in Warren have sold for 7.5% more than they did a year ago.

Summary: The median home sold price in Warren was $183,618 in February 2024, up 7.5% from last year, and the median price per square foot was $151.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $66.5K$96K
+44.4%
2 $105K$107.5K
+2.4%
3 $188.8K$209K
+10.7%
4 $235K$240K
+2.1%
5+ $267.4K$245K
-8.4%

Summary: Warren housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 44.4%, 2 bedroom homes increased by 2.4%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 2.1%, and 5+ bedroom homes decreased by 8.4%.

Median Sold Price Compared To Nearby Cities

Center Line
+10.0%
Warren
+7.5%
Eastpointe
+5.0%
Roseville
+3.9%
Fraser
+2.1%

Housing Supply in Warren, MI

How many homes are available in Warren, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
369349-5.4%

Summary: The Warren real estate market had 349 homes for sale in February 2024, a 5.4% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 54
-20.0%
2 8581
-4.7%
3 237222
-6.3%
4 3634
-5.6%
5+ 68
+33.3%

Summary: The Warren housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes decreased by 4.7%, 3 bedroom homes decreased by 6.3%, 4 bedroom homes decreased by 5.6%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
11996-19.3%

Asking Price vs. Sold Price

37 Homes Were Sold
Under Asking

22 Homes Were Sold
At Asking

37 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Warren, you may be able to get a good deal. 38.5% of homes here sold below asking price last month.

Summary: A total of 96 homes were sold or pending in Warren in February 2024, down by 19.3% month-over-month. Of the 96 sold homes, 39% were sold under asking, 23% were sold at asking, and 39% were sold over asking.

Days on Market for Warren, MI

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

Average Sale Time

Feb 2023Feb 2024CHANGE
76 Days25 Days-67.0%

Summary: Homes in Warren had an average of 25 days on market in Feb 2024, down by 67% compared to last year.

Breakdown of Home Sale Times

62 Homes Were Sold
Under 30 Days

29 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Warren are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 96 homes were sold in Warren; 65% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 4% 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 4 Days Ago

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