Is Berkley, 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, Berkley has remained a Seller's Market.
Key Takeaway
Berkley is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Berkley, MI
How much do homes in Berkley, MI cost?
Median Sold Price
$325,000
$275/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Berkley have sold for 8.3% more than they did a year ago.
Summary: The median home sold price in Berkley was $325,000 in May 2024, up 8.3% from last year, and the median price per square foot was $275.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $130K | N/A |
| 2 Bedrooms | $226.5K | $235K | +3.8% |
| 3 Bedrooms | $310K | $330K | +6.5% |
| 4 Bedrooms | $415K | $413.5K | -0.4% |
| 5+ Bedrooms | $332.5K | $602.5K | +81.2% |
Summary: Berkley 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 3.8%, 3 bedroom homes increased by 6.5%, 4 bedroom homes decreased by 0.4%, and 5+ bedroom homes increased by 81.2%.
Housing Supply in Berkley, MI
How many homes are available in Berkley, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 59 | 68 | +15.3% |
Summary: The Berkley real estate market had 68 homes for sale in May 2024, a 15.3% 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 | 11 | 14 | +27.3% |
| 3 Bedrooms | 41 | 46 | +12.2% |
| 4 Bedrooms | 6 | 8 | +33.3% |
| 5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The Berkley 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 27.3%, 3 bedroom homes increased by 12.2%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 35 | +105.9% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
24 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Berkley, you could pay more than the asking price. 68.6% of homes here sold above asking price last month.
Summary: A total of 35 homes were sold or pending in Berkley in May 2024, up by 105.9% month-over-month. Of the 35 sold homes, 17% were sold under asking, 14% were sold at asking, and 69% were sold over asking.
Days on Market for Berkley, MI
How long does it take to sell a home in Berkley, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 20 Days | 12 Days | -41.2% |
Summary: Homes in Berkley had an average of 12 days on market in May 2024, down by 41.2% compared to last year.
Breakdown of Home Sale Times
31 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Berkley are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 35 homes were sold in Berkley; 89% of homes were sold within 30 days, 11% 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.