Is River Rouge, 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, River Rouge has remained a Seller's Market.
Housing Prices in River Rouge, MI
How much do homes in River Rouge, MI cost?
Median Sold Price
$76,000
$69/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in River Rouge was $76,000 in May 2024, up 6.7% from last year, and the median price per square foot was $69.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $10K | $70K | +600.0% |
2 Bedrooms | $46K | $66.7K | +45.1% |
3 Bedrooms | $72K | $80.4K | +11.7% |
4 Bedrooms | $62.7K | $85K | +35.5% |
5+ Bedrooms | $115K | $75K | -34.8% |
Summary: River Rouge housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 600%, 2 bedroom homes increased by 45.1%, 3 bedroom homes increased by 11.7%, 4 bedroom homes increased by 35.5%, and 5+ bedroom homes decreased by 34.8%.
Housing Supply in River Rouge, MI
How many homes are available in River Rouge, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
23 | 21 | -8.7% |
Summary: The River Rouge real estate market had 21 homes for sale in May 2024, a 8.7% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 5 | 3 | -40.0% |
3 Bedrooms | 14 | 14 | 0.0% |
4 Bedrooms | 3 | 3 | 0.0% |
5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The River Rouge 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 40%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
8 | 7 | -12.5% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 7 homes were sold or pending in River Rouge in May 2024, down by 12.5% month-over-month. Of the 7 sold homes, 57% were sold under asking, 29% were sold at asking, and 14% were sold over asking.
Days on Market for River Rouge, MI
How long does it take to sell a home in River Rouge, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
107 Days | 27 Days | -74.7% |
Summary: Homes in River Rouge had an average of 27 days on market in May 2024, down by 74.7% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 7 homes were sold in River Rouge; 43% of homes were sold within 30 days, 57% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.