Is Sterling Heights, 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, Sterling Heights has remained a Seller's Market.
Key Takeaway
Sterling Heights is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Sterling Heights, MI
How much do homes in Sterling Heights, MI cost?
Median Sold Price
$295,000
$186/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Sterling Heights have sold for 5.6% more than they did a year ago.
Summary: The median home sold price in Sterling Heights was $295,000 in April 2024, up 5.6% from last year, and the median price per square foot was $186.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $97K | $97.4K | 0.5% |
| 2 Bedrooms | $196K | $215K | +9.7% |
| 3 Bedrooms | $275.5K | $290K | +5.3% |
| 4 Bedrooms | $333.2K | $350K | +5.0% |
| 5+ Bedrooms | $381K | $410K | +7.6% |
Summary: Sterling Heights housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.5%, 2 bedroom homes increased by 9.7%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 5%, and 5+ bedroom homes increased by 7.6%.
Median Sold Price Compared To Nearby Cities
| Utica | $270.5K | $486K | +79.7% |
| Fraser | $215K | $230K | +7.0% |
| Sterling Heights | $279.4K | $295K | +5.6% |
| Shelby Charter Township | $334.5K | $339.9K | +1.6% |
| Clinton Township | $229.2K | $230.2K | 0.4% |
Housing Supply in Sterling Heights, MI
How many homes are available in Sterling Heights, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 196 | 247 | +26.0% |
Summary: The Sterling Heights real estate market had 247 homes for sale in April 2024, a 26.0% 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 | 40 | 52 | +30.0% |
| 3 Bedrooms | 101 | 126 | +24.8% |
| 4 Bedrooms | 46 | 57 | +23.9% |
| 5+ Bedrooms | 6 | 8 | +33.3% |
Summary: The Sterling Heights 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 30%, 3 bedroom homes increased by 24.8%, 4 bedroom homes increased by 23.9%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 73 | 87 | +19.2% |
Asking Price vs. Sold Price
28 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
47 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Sterling Heights, you could pay more than the asking price. 54% of homes here sold above asking price last month.
Summary: A total of 87 homes were sold or pending in Sterling Heights in April 2024, up by 19.2% month-over-month. Of the 87 sold homes, 32% were sold under asking, 14% were sold at asking, and 54% were sold over asking.
Days on Market for Sterling Heights, MI
How long does it take to sell a home in Sterling Heights, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 121 Days | 14 Days | -88.0% |
Summary: Homes in Sterling Heights had an average of 14 days on market in Apr 2024, down by 88% compared to last year.
Breakdown of Home Sale Times
80 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Sterling Heights are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 87 homes were sold in Sterling Heights; 92% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 2% 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.