Is Dearborn 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, Dearborn Heights has remained a Seller's Market.
Key Takeaway
Dearborn Heights is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Dearborn Heights, MI
How much do homes in Dearborn Heights, MI cost?
Median Sold Price
$191,583
$171/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Dearborn Heights have sold for 12.7% more than they did a year ago.
Summary: The median home sold price in Dearborn Heights was $191,583 in April 2024, up 12.7% from last year, and the median price per square foot was $171.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $54.5K | $67K | +22.9% |
| 2 Bedrooms | $115K | $125K | +8.7% |
| 3 Bedrooms | $174.7K | $200K | +14.4% |
| 4 Bedrooms | $238.5K | $310K | +30.0% |
| 5+ Bedrooms | $521K | $209.9K | -59.7% |
Summary: Dearborn Heights housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.9%, 2 bedroom homes increased by 8.7%, 3 bedroom homes increased by 14.4%, 4 bedroom homes increased by 30%, and 5+ bedroom homes decreased by 59.7%.
Median Sold Price Compared To Nearby Cities
| Inkster | $88K | $100K | +13.6% |
| Allen Park | $185K | $210K | +13.5% |
| Dearborn Heights | $169.9K | $191.5K | +12.7% |
| Dearborn | $220K | $246.9K | +12.2% |
| Redford | $155K | $165K | +6.5% |
Housing Supply in Dearborn Heights, MI
How many homes are available in Dearborn Heights, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 125 | 138 | +10.4% |
Summary: The Dearborn Heights real estate market had 138 homes for sale in April 2024, a 10.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 18 | 21 | +16.7% |
| 3 Bedrooms | 85 | 90 | +5.9% |
| 4 Bedrooms | 16 | 21 | +31.3% |
| 5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The Dearborn Heights housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 31.3%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 46 | 44 | -4.3% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Dearborn Heights, you could pay more than the asking price. 52.3% of homes here sold above asking price last month.
Summary: A total of 44 homes were sold or pending in Dearborn Heights in April 2024, down by 4.3% month-over-month. Of the 44 sold homes, 39% were sold under asking, 9% were sold at asking, and 52% were sold over asking.
Days on Market for Dearborn Heights, MI
How long does it take to sell a home in Dearborn Heights, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 55 Days | 25 Days | -53.6% |
Summary: Homes in Dearborn Heights had an average of 25 days on market in Apr 2024, down by 53.6% compared to last year.
Breakdown of Home Sale Times
33 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Dearborn Heights are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 44 homes were sold in Dearborn Heights; 75% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
