Is Weatherby / Franklin Park, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Weatherby / Franklin Park has remained a Neutral Market.
Key Takeaway
Weatherby / Franklin Park is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Weatherby / Franklin Park, MI
How much do homes in Weatherby / Franklin Park, MI cost?
Median Sold Price
$58,593
$57/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Weatherby / Franklin Park have sold for 17.4% more than they did a year ago.
Summary: The median home sold price in Weatherby / Franklin Park was $58,593 in May 2024, up 17.4% from last year, and the median price per square foot was $57.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $44.5K | $50K | +12.4% |
| 3 Bedrooms | $49.9K | $59.9K | +20.0% |
| 4 Bedrooms | $64.9K | $56.2K | -13.3% |
| 5+ Bedrooms | - | $500K | N/A |
Summary: Weatherby / Franklin Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 12.4%, 3 bedroom homes increased by 20%, 4 bedroom homes decreased by 13.3%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Weatherby | $38.5K | $59.1K | +53.7% |
| Grandale | $44K | $57.2K | +30.1% |
| Weatherby / Franklin Park | $49.9K | $58.5K | +17.4% |
| Franklin Park | $51K | $58K | +13.7% |
| Brightmoor | $57K | $56K | -1.8% |
Housing Supply in Weatherby / Franklin Park, MI
How many homes are available in Weatherby / Franklin Park, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 55 | 60 | +9.1% |
Summary: The Weatherby / Franklin Park real estate market had 60 homes for sale in May 2024, a 9.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 6 | +50.0% |
| 3 Bedrooms | 47 | 50 | +6.4% |
| 4 Bedrooms | 4 | 3 | -25.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Weatherby / Franklin Park housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 6.4%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 9 | -10.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Weatherby / Franklin Park, you may be able to get a good deal. 55.6% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Weatherby / Franklin Park in May 2024, down by 10.0% month-over-month. Of the 9 sold homes, 56% were sold under asking, 0% were sold at asking, and 44% were sold over asking.
Days on Market for Weatherby / Franklin Park, MI
How long does it take to sell a home in Weatherby / Franklin Park, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 10 Days | 31 Days | +201.3% |
Summary: Homes in Weatherby / Franklin Park had an average of 31 days on market in May 2024, up by 201.3% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Weatherby / Franklin Park are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 9 homes were sold in Weatherby / Franklin Park; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% 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.