Is West Bloomfield, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing West Bloomfield is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in West Bloomfield, MI

How much do homes in West Bloomfield, MI cost?

Median Sold Price

$410,066

$182/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$10,066(+2.5%)

Key Takeaway

Homes in West Bloomfield have sold for 2.5% more than they did a year ago.

Summary: The median home sold price in West Bloomfield was $410,066 in May 2024, up 2.5% from last year, and the median price per square foot was $182.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $87.5K$93.6K
+7.0%
2 $260K$255K
-1.9%
3 $345K$347.7K
+0.8%
4 $470K$489.9K
+4.2%
5+ $650K$715K
+10.0%

Summary: West Bloomfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7%, 2 bedroom homes decreased by 1.9%, 3 bedroom homes increased by 0.8%, 4 bedroom homes increased by 4.2%, and 5+ bedroom homes increased by 10%.

Median Sold Price Compared To Nearby Cities

West Bloomfield Charter Township
+2.6%
West Bloomfield
+2.5%
Keego Harbor
-20.3%
Sylvan Lake
-22.6%

Housing Supply in West Bloomfield, MI

How many homes are available in West Bloomfield, MI?

Number of Homes For Sale

Apr 2024May 2024CHANGE
189219+15.9%

Summary: The West Bloomfield real estate market had 219 homes for sale in May 2024, a 15.9% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 54
-20.0%
2 4034
-15.0%
3 6064
+6.7%
4 6791
+35.8%
5+ 1726
+52.9%

Summary: The West Bloomfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes decreased by 15%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 35.8%, and 5+ bedroom homes increased by 52.9%.

Number of Homes Sold

Apr 2024May 2024CHANGE
6263+1.6%

Asking Price vs. Sold Price

29 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

30 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in West Bloomfield, you could pay more than the asking price. 48.4% of homes here sold above asking price last month.

Summary: A total of 63 homes were sold or pending in West Bloomfield in May 2024, up by 1.6% month-over-month. Of the 62 sold homes, 47% were sold under asking, 5% were sold at asking, and 48% were sold over asking.

Days on Market for West Bloomfield, MI

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

Average Sale Time

May 2023May 2024CHANGE
26 Days18 Days-29.5%

Summary: Homes in West Bloomfield had an average of 18 days on market in May 2024, down by 29.5% compared to last year.

Breakdown of Home Sale Times

54 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 63 homes were sold in West Bloomfield; 86% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 3% 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 16 Days Ago

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