Is Highland Park, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Highland Park was a Neutral Market.
Key Takeaway
Highland Park is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Highland Park, MI
How much do homes in Highland Park, MI cost?
Median Sold Price
$54,000
$43/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Highland Park have sold for 8% more than they did a year ago.
Summary: The median home sold price in Highland Park was $54,000 in May 2024, up 8% from last year, and the median price per square foot was $43.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $22K | - | N/A |
| 2 Bedrooms | $42K | $49.2K | +17.3% |
| 3 Bedrooms | $50K | $50K | 0.0% |
| 4 Bedrooms | $70K | $54.2K | -22.5% |
| 5+ Bedrooms | $125K | $131K | +4.8% |
Summary: Highland 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 17.3%, 3 bedroom homes did not change, 4 bedroom homes decreased by 22.5%, and 5+ bedroom homes increased by 4.8%.
Housing Supply in Highland Park, MI
How many homes are available in Highland Park, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 93 | 94 | +1.1% |
Summary: The Highland Park real estate market had 94 homes for sale in May 2024, a 1.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 8 | 10 | +25.0% |
| 3 Bedrooms | 43 | 47 | +9.3% |
| 4 Bedrooms | 29 | 25 | -13.8% |
| 5+ Bedrooms | 13 | 11 | -15.4% |
Summary: The Highland Park housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 9.3%, 4 bedroom homes decreased by 13.8%, and 5+ bedroom homes decreased by 15.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 16 | -5.9% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Highland Park, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 16 homes were sold or pending in Highland Park in May 2024, down by 5.9% month-over-month. Of the 16 sold homes, 50% were sold under asking, 13% were sold at asking, and 38% were sold over asking.
Days on Market for Highland Park, MI
How long does it take to sell a home in Highland Park, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 30 Days | 59 Days | +95.1% |
Summary: Homes in Highland Park had an average of 59 days on market in May 2024, up by 95.1% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Highland Park are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 16 homes were sold in Highland Park; 56% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 19% 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.