Is Southfield Township, 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, Southfield Township has remained a Seller's Market.
Key Takeaway
Southfield Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Southfield Township, MI
How much do homes in Southfield Township, MI cost?
Median Sold Price
$260,750
$160/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Southfield Township have sold for 3.1% less than they did a year ago.
Summary: The median home sold price in Southfield Township was $260,750 in April 2024, down 3.1% from last year, and the median price per square foot was $160.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $121K | $78.7K | -34.9% |
| 2 Bedrooms | $163.5K | $161.5K | -1.2% |
| 3 Bedrooms | $250K | $254.7K | +1.9% |
| 4 Bedrooms | $380K | $350K | -7.9% |
| 5+ Bedrooms | $585K | $614.5K | +5.0% |
Summary: Southfield Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 34.9%, 2 bedroom homes decreased by 1.2%, 3 bedroom homes increased by 1.9%, 4 bedroom homes decreased by 7.9%, and 5+ bedroom homes increased by 5%.
Median Sold Price Compared To Nearby Cities
| Birmingham | $619.4K | $742.8K | +19.9% |
| Bingham Farms | $471K | $515K | +9.3% |
| Beverly Hills | $475K | $513K | +8.0% |
| Southfield Township | $269.2K | $260.7K | -3.1% |
| Franklin | $846.5K | $673.5K | -20.4% |
Housing Supply in Southfield Township, MI
How many homes are available in Southfield Township, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 203 | 237 | +16.7% |
Summary: The Southfield Township real estate market had 237 homes for sale in April 2024, a 16.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 4 | +33.3% |
| 2 Bedrooms | 44 | 48 | +9.1% |
| 3 Bedrooms | 92 | 109 | +18.5% |
| 4 Bedrooms | 52 | 59 | +13.5% |
| 5+ Bedrooms | 12 | 17 | +41.7% |
Summary: The Southfield Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 9.1%, 3 bedroom homes increased by 18.5%, 4 bedroom homes increased by 13.5%, and 5+ bedroom homes increased by 41.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 62 | 58 | -6.5% |
Asking Price vs. Sold Price
32 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southfield Township, you may be able to get a good deal. 55.2% of homes here sold below asking price last month.
Summary: A total of 58 homes were sold or pending in Southfield Township in April 2024, down by 6.5% month-over-month. Of the 58 sold homes, 55% were sold under asking, 12% were sold at asking, and 33% were sold over asking.
Days on Market for Southfield Township, MI
How long does it take to sell a home in Southfield Township, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 108 Days | 51 Days | -52.6% |
Summary: Homes in Southfield Township had an average of 51 days on market in Apr 2024, down by 52.6% compared to last year.
Breakdown of Home Sale Times
35 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Southfield Township are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 58 homes were sold in Southfield Township; 60% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 10% 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.