Is Dearborn, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Dearborn has remained a Seller's Market.
Key Takeaway
Dearborn is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Dearborn, MI
How much do homes in Dearborn, MI cost?
Median Sold Price
$246,916
$181/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Dearborn have sold for 12.2% more than they did a year ago.
Summary: The median home sold price in Dearborn was $246,916 in April 2024, up 12.2% from last year, and the median price per square foot was $181.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $74K | $85K | +14.9% |
| 2 Bedrooms | $150K | $165K | +10.0% |
| 3 Bedrooms | $219.1K | $240K | +9.5% |
| 4 Bedrooms | $295K | $308.7K | +4.7% |
| 5+ Bedrooms | $325K | $280.5K | -13.7% |
Summary: Dearborn housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.9%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 4.7%, and 5+ bedroom homes decreased by 13.7%.
Median Sold Price Compared To Nearby Cities
| Melvindale | $125K | $143K | +14.4% |
| Allen Park | $185K | $210K | +13.5% |
| Dearborn Heights | $169.9K | $191.5K | +12.7% |
| Dearborn | $220K | $246.9K | +12.2% |
| Detroit | $80K | $81K | +1.3% |
Housing Supply in Dearborn, MI
How many homes are available in Dearborn, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 176 | 193 | +9.7% |
Summary: The Dearborn real estate market had 193 homes for sale in April 2024, a 9.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 6 | +50.0% |
| 2 Bedrooms | 19 | 23 | +21.1% |
| 3 Bedrooms | 103 | 118 | +14.6% |
| 4 Bedrooms | 42 | 40 | -4.8% |
| 5+ Bedrooms | 8 | 6 | -25.0% |
Summary: The Dearborn housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 21.1%, 3 bedroom homes increased by 14.6%, 4 bedroom homes decreased by 4.8%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 55 | 74 | +34.5% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
40 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Dearborn, you could pay more than the asking price. 54.1% of homes here sold above asking price last month.
Summary: A total of 74 homes were sold or pending in Dearborn in April 2024, up by 34.5% month-over-month. Of the 74 sold homes, 32% were sold under asking, 14% were sold at asking, and 54% were sold over asking.
Days on Market for Dearborn, MI
How long does it take to sell a home in Dearborn, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 84 Days | 16 Days | -80.6% |
Summary: Homes in Dearborn had an average of 16 days on market in Apr 2024, down by 80.6% compared to last year.
Breakdown of Home Sale Times
62 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Dearborn are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 74 homes were sold in Dearborn; 84% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
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.