Is Walled Lake, 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, Walled Lake has remained a Seller's Market.
Key Takeaway
Walled Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Walled Lake, MI
How much do homes in Walled Lake, MI cost?
Median Sold Price
$270,000
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Walled Lake have sold for 7.1% more than they did a year ago.
Summary: The median home sold price in Walled Lake was $270,000 in May 2024, up 7.1% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $166K | $197.5K | +19.0% |
| 2 Bedrooms | $215K | $249.4K | +16.0% |
| 3 Bedrooms | $310K | $298K | -3.9% |
| 4 Bedrooms | $450K | $377.5K | -16.1% |
| 5+ Bedrooms | $620K | $777.5K | +25.4% |
Summary: Walled Lake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19%, 2 bedroom homes increased by 16%, 3 bedroom homes decreased by 3.9%, 4 bedroom homes decreased by 16.1%, and 5+ bedroom homes increased by 25.4%.
Median Sold Price Compared To Nearby Cities
| Walled Lake | $252K | $270K | +7.1% |
| Commerce Charter Township | $350K | $370K | +5.7% |
| Wolverine Lake | $280K | $295K | +5.4% |
| Novi | $435.1K | $439.4K | +1.0% |
Housing Supply in Walled Lake, MI
How many homes are available in Walled Lake, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 56 | 54 | -3.6% |
Summary: The Walled Lake real estate market had 54 homes for sale in May 2024, a 3.6% decrease 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 | 23 | 19 | -17.4% |
| 3 Bedrooms | 26 | 24 | -7.7% |
| 4 Bedrooms | 7 | 10 | +42.9% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Walled Lake 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 decreased by 17.4%, 3 bedroom homes decreased by 7.7%, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 18 | 17 | -5.6% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Walled Lake, you could pay more than the asking price. 52.9% of homes here sold above asking price last month.
Summary: A total of 17 homes were sold or pending in Walled Lake in May 2024, down by 5.6% month-over-month. Of the 17 sold homes, 24% were sold under asking, 24% were sold at asking, and 53% were sold over asking.
Days on Market for Walled Lake, MI
How long does it take to sell a home in Walled Lake, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 37 Days | 16 Days | -55.4% |
Summary: Homes in Walled Lake had an average of 16 days on market in May 2024, down by 55.4% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Walled Lake are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 17 homes were sold in Walled Lake; 82% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
