Is Melvindale, 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, Melvindale has remained a Seller's Market.
Key Takeaway
Melvindale is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Melvindale, MI
How much do homes in Melvindale, MI cost?
Median Sold Price
$141,750
$133/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Melvindale have sold for 10.7% more than they did a year ago.
Summary: The median home sold price in Melvindale was $141,750 in May 2024, up 10.7% from last year, and the median price per square foot was $133.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $40K | - | N/A |
| 2 Bedrooms | $105.9K | $106.5K | +0.6% |
| 3 Bedrooms | $137.5K | $145K | +5.5% |
| 4 Bedrooms | $145K | $177.4K | +22.4% |
| 5+ Bedrooms | - | $185K | N/A |
Summary: Melvindale 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 0.6%, 3 bedroom homes increased by 5.5%, 4 bedroom homes increased by 22.4%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Dearborn | $220K | $250K | +13.6% |
| Allen Park | $185K | $210K | +13.5% |
| Lincoln Park | $134.5K | $150K | +11.5% |
| Melvindale | $128K | $141.7K | +10.7% |
| Detroit | $79.9K | $82.6K | +3.3% |
Housing Supply in Melvindale, MI
How many homes are available in Melvindale, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 24 | 32 | +33.3% |
Summary: The Melvindale real estate market had 32 homes for sale in May 2024, a 33.3% 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 | 13 | +62.5% |
| 3 Bedrooms | 10 | 15 | +50.0% |
| 4 Bedrooms | 6 | 3 | -50.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Melvindale 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 62.5%, 3 bedroom homes increased by 50%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4 | 8 | +100.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Melvindale, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 8 homes were sold or pending in Melvindale in May 2024, up by 100.0% month-over-month. Of the 8 sold homes, 38% were sold under asking, 13% were sold at asking, and 50% were sold over asking.
Days on Market for Melvindale, MI
How long does it take to sell a home in Melvindale, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 12 Days | 16 Days | +29.9% |
Summary: Homes in Melvindale had an average of 16 days on market in May 2024, up by 29.9% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Melvindale are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 8 homes were sold in Melvindale; 88% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
