Is Livonia, 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, Livonia has remained a Seller's Market.
Key Takeaway
Livonia is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Livonia, MI
How much do homes in Livonia, MI cost?
Median Sold Price
$285,050
$202/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Livonia have sold for 7.8% more than they did a year ago.
Summary: The median home sold price in Livonia was $285,050 in April 2024, up 7.8% from last year, and the median price per square foot was $202.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $102.5K | $110.5K | +7.8% |
| 2 Bedrooms | $176K | $207.5K | +17.9% |
| 3 Bedrooms | $260K | $277.4K | +6.7% |
| 4 Bedrooms | $347K | $375K | +8.1% |
| 5+ Bedrooms | $383K | $412.5K | +7.7% |
Summary: Livonia housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.8%, 2 bedroom homes increased by 17.9%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes increased by 7.7%.
Median Sold Price Compared To Nearby Cities
| Farmington | $280K | $302.6K | +8.1% |
| Livonia | $264.4K | $285K | +7.8% |
| Redford | $155K | $165K | +6.5% |
| Redford Charter Township | $155.2K | $165K | +6.3% |
| Farmington Hills | $339.9K | $350K | +2.9% |
Housing Supply in Livonia, MI
How many homes are available in Livonia, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 204 | 239 | +17.2% |
Summary: The Livonia real estate market had 239 homes for sale in April 2024, a 17.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 5 | 0.0% |
| 2 Bedrooms | 25 | 26 | +4.0% |
| 3 Bedrooms | 132 | 163 | +23.5% |
| 4 Bedrooms | 41 | 40 | -2.4% |
| 5+ Bedrooms | 1 | 5 | +400.0% |
Summary: The Livonia housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 4%, 3 bedroom homes increased by 23.5%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes increased by 400%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 77 | 91 | +18.2% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
62 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Livonia, you could pay more than the asking price. 68.1% of homes here sold above asking price last month.
Summary: A total of 91 homes were sold or pending in Livonia in April 2024, up by 18.2% month-over-month. Of the 91 sold homes, 22% were sold under asking, 10% were sold at asking, and 68% were sold over asking.
Days on Market for Livonia, MI
How long does it take to sell a home in Livonia, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 53 Days | 15 Days | -71.6% |
Summary: Homes in Livonia had an average of 15 days on market in Apr 2024, down by 71.6% compared to last year.
Breakdown of Home Sale Times
80 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Livonia are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 91 homes were sold in Livonia; 88% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 1% 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.