Is Lathrup Village, 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, Lathrup Village was a Neutral Market.
Key Takeaway
Lathrup Village is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lathrup Village, MI
How much do homes in Lathrup Village, MI cost?
Median Sold Price
$310,250
$161/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lathrup Village have sold for 3% less than they did a year ago.
Summary: The median home sold price in Lathrup Village was $310,250 in May 2024, down 3% from last year, and the median price per square foot was $161.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $164K | $173K | +5.5% |
| 3 Bedrooms | $295.5K | $303.9K | +2.9% |
| 4 Bedrooms | $355K | $350K | -1.4% |
| 5+ Bedrooms | $321.5K | $517.5K | +61.0% |
Summary: Lathrup Village 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 5.5%, 3 bedroom homes increased by 2.9%, 4 bedroom homes decreased by 1.4%, and 5+ bedroom homes increased by 61%.
Median Sold Price Compared To Nearby Cities
| Southfield | $215K | $225K | +4.7% |
| Lathrup Village | $320K | $310.2K | -3.0% |
Housing Supply in Lathrup Village, MI
How many homes are available in Lathrup Village, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 8 | -20.0% |
Summary: The Lathrup Village real estate market had 8 homes for sale in May 2024, a 20.0% decrease 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 | 1 | 0 | -100.0% |
| 3 Bedrooms | 6 | 4 | -33.3% |
| 4 Bedrooms | 3 | 4 | +33.3% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Lathrup Village 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 100%, 3 bedroom homes decreased by 33.3%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 1 | -80.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Lathrup Village, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 1 homes were sold or pending in Lathrup Village in May 2024, down by 80.0% month-over-month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for Lathrup Village, MI
How long does it take to sell a home in Lathrup Village, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 8 Days | 167 Days | +1864.7% |
Summary: Homes in Lathrup Village had an average of 167 days on market in May 2024, up by 1864.7% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Most homes in Lathrup Village are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 1 homes were sold in Lathrup Village; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% 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.