Is Livonia, 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, Livonia has remained a Seller's Market.
Key Takeaway
Livonia is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Livonia, MI
How much do homes in Livonia, MI cost?
Median Sold Price
$289,913
$202/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Livonia have sold for 9.5% more than they did a year ago.
Summary: The median home sold price in Livonia was $289,913 in May 2024, up 9.5% from last year, and the median price per square foot was $202.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $106.5K | $112K | +5.2% |
| 2 Bedrooms | $178.7K | $203.2K | +13.7% |
| 3 Bedrooms | $260K | $280K | +7.7% |
| 4 Bedrooms | $345K | $375K | +8.7% |
| 5+ Bedrooms | $388.5K | $416.5K | +7.2% |
Summary: Livonia housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.2%, 2 bedroom homes increased by 13.7%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes increased by 7.2%.
Median Sold Price Compared To Nearby Cities
| Livonia | $264.7K | $289.9K | +9.5% |
| Redford Charter Township | $154.3K | $165.8K | +7.4% |
| Redford | $154.7K | $165.7K | +7.1% |
| Farmington | $282.7K | $300K | +6.1% |
| Farmington Hills | $343.4K | $345.5K | +0.6% |
Housing Supply in Livonia, MI
How many homes are available in Livonia, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 246 | 276 | +12.2% |
Summary: The Livonia real estate market had 276 homes for sale in May 2024, a 12.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 3 | -25.0% |
| 2 Bedrooms | 25 | 24 | -4.0% |
| 3 Bedrooms | 173 | 191 | +10.4% |
| 4 Bedrooms | 39 | 55 | +41.0% |
| 5+ Bedrooms | 5 | 3 | -40.0% |
Summary: The Livonia housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes decreased by 4%, 3 bedroom homes increased by 10.4%, 4 bedroom homes increased by 41%, and 5+ bedroom homes decreased by 40%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 107 | 104 | -2.8% |
Asking Price vs. Sold Price
25 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
65 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Livonia, you could pay more than the asking price. 62.5% of homes here sold above asking price last month.
Summary: A total of 104 homes were sold or pending in Livonia in May 2024, down by 2.8% month-over-month. Of the 104 sold homes, 24% were sold under asking, 13% were sold at asking, and 63% were sold over asking.
Days on Market for Livonia, MI
How long does it take to sell a home in Livonia, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 12 Days | 12 Days | -1.9% |
Summary: Homes in Livonia had an average of 12 days on market in May 2024, down by 1.9% compared to last year.
Breakdown of Home Sale Times
95 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Livonia are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 104 homes were sold in Livonia; 91% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 2% 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.