Is Southfield Township, 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, Southfield Township has remained a Seller's Market.
Housing Prices in Southfield Township, MI
How much do homes in Southfield Township, MI cost?
Median Sold Price
$265,777
$163/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Southfield Township was $265,777 in May 2024, up 6.3% from last year, and the median price per square foot was $163.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $121K | $78.7K | -34.9% |
2 Bedrooms | $160K | $159.5K | -0.3% |
3 Bedrooms | $239K | $259.4K | +8.6% |
4 Bedrooms | $352.4K | $358.3K | +1.7% |
5+ Bedrooms | $530K | $640K | +20.8% |
Summary: Southfield Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 34.9%, 2 bedroom homes decreased by 0.3%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 1.7%, and 5+ bedroom homes increased by 20.8%.
Median Sold Price Compared To Nearby Cities
Bingham Farms | $451K | $515K | +14.2% |
Beverly Hills | $459K | $515K | +12.2% |
Birmingham | $663.4K | $741.1K | +11.7% |
Southfield Township | $250K | $265.7K | +6.3% |
Franklin | $867K | $727K | -16.1% |
Housing Supply in Southfield Township, MI
How many homes are available in Southfield Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
240 | 262 | +9.2% |
Summary: The Southfield Township real estate market had 262 homes for sale in May 2024, a 9.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 6 | +50.0% |
2 Bedrooms | 51 | 54 | +5.9% |
3 Bedrooms | 110 | 126 | +14.5% |
4 Bedrooms | 61 | 60 | -1.6% |
5+ Bedrooms | 14 | 16 | +14.3% |
Summary: The Southfield Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 5.9%, 3 bedroom homes increased by 14.5%, 4 bedroom homes decreased by 1.6%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
75 | 73 | -2.7% |
Asking Price vs. Sold Price
29 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
31 Homes Were Sold
Over Asking
Summary: A total of 73 homes were sold or pending in Southfield Township in May 2024, down by 2.7% month-over-month. Of the 73 sold homes, 40% were sold under asking, 18% were sold at asking, and 42% were sold over asking.
Days on Market for Southfield Township, MI
How long does it take to sell a home in Southfield Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
27 Days | 17 Days | -37.6% |
Summary: Homes in Southfield Township had an average of 17 days on market in May 2024, down by 37.6% compared to last year.
Breakdown of Home Sale Times
60 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 73 homes were sold in Southfield Township; 82% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.