Is Grosse Pointe Farms, 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, Grosse Pointe Farms has remained a Seller's Market.
Key Takeaway
Grosse Pointe Farms is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Grosse Pointe Farms, MI
How much do homes in Grosse Pointe Farms, MI cost?
Median Sold Price
$450,000
$236/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Grosse Pointe Farms have sold for 3.4% more than they did a year ago.
Summary: The median home sold price in Grosse Pointe Farms was $450,000 in May 2024, up 3.4% from last year, and the median price per square foot was $236.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $322K | $362K | +12.4% |
| 3 Bedrooms | $402.5K | $385K | -4.3% |
| 4 Bedrooms | $565K | $746.2K | +32.1% |
| 5+ Bedrooms | $665K | $1.3M | +105.3% |
Summary: Grosse Pointe Farms 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 decreased by 4.3%, 4 bedroom homes increased by 32.1%, and 5+ bedroom homes increased by 105.3%.
Median Sold Price Compared To Nearby Cities
| Grosse Pointe Woods | $290K | $335.2K | +15.6% |
| Grosse Pointe Farms | $435K | $450K | +3.4% |
| Detroit | $79.9K | $82.6K | +3.3% |
| Village of Grosse Pointe Shores | $705K | $625.6K | -11.3% |
Housing Supply in Grosse Pointe Farms, MI
How many homes are available in Grosse Pointe Farms, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 38 | 52 | +36.8% |
Summary: The Grosse Pointe Farms real estate market had 52 homes for sale in May 2024, a 36.8% 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 | 5 | 4 | -20.0% |
| 3 Bedrooms | 17 | 19 | +11.8% |
| 4 Bedrooms | 11 | 16 | +45.5% |
| 5+ Bedrooms | 5 | 13 | +160.0% |
Summary: The Grosse Pointe Farms 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 decreased by 20%, 3 bedroom homes increased by 11.8%, 4 bedroom homes increased by 45.5%, and 5+ bedroom homes increased by 160%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 25 | +127.3% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Grosse Pointe Farms, you may be able to get a good deal. 52% of homes here sold below asking price last month.
Summary: A total of 25 homes were sold or pending in Grosse Pointe Farms in May 2024, up by 127.3% month-over-month. Of the 25 sold homes, 52% were sold under asking, 16% were sold at asking, and 32% were sold over asking.
Days on Market for Grosse Pointe Farms, MI
How long does it take to sell a home in Grosse Pointe Farms, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 5 Days | 15 Days | +206.4% |
Summary: Homes in Grosse Pointe Farms had an average of 15 days on market in May 2024, up by 206.4% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Grosse Pointe Farms are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 25 homes were sold in Grosse Pointe Farms; 76% of homes were sold within 30 days, 24% 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.