Is Sterling Heights, 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, Sterling Heights has remained a Seller's Market.
Housing Prices in Sterling Heights, MI
How much do homes in Sterling Heights, MI cost?
Median Sold Price
$294,400
$188/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Sterling Heights was $294,400 in May 2024, up 5.1% from last year, and the median price per square foot was $188.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $95K | $97.4K | +2.5% |
2 Bedrooms | $199.9K | $212.5K | +6.3% |
3 Bedrooms | $278K | $290.5K | +4.5% |
4 Bedrooms | $340K | $352.5K | +3.7% |
5+ Bedrooms | $387K | $395K | +2.1% |
Summary: Sterling Heights housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.5%, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes increased by 2.1%.
Median Sold Price Compared To Nearby Cities
Sterling Heights | $280K | $294.4K | +5.1% |
Fraser | $217K | $225K | +3.7% |
Shelby Charter Township | $330.2K | $340.6K | +3.2% |
Utica | $452K | $462K | +2.2% |
Clinton Township | $228.2K | $230.5K | +1.0% |
Housing Supply in Sterling Heights, MI
How many homes are available in Sterling Heights, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
266 | 309 | +16.2% |
Summary: The Sterling Heights real estate market had 309 homes for sale in May 2024, a 16.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 4 | 0.0% |
2 Bedrooms | 62 | 73 | +17.7% |
3 Bedrooms | 135 | 153 | +13.3% |
4 Bedrooms | 58 | 71 | +22.4% |
5+ Bedrooms | 7 | 8 | +14.3% |
Summary: The Sterling Heights 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 increased by 17.7%, 3 bedroom homes increased by 13.3%, 4 bedroom homes increased by 22.4%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
97 | 102 | +5.2% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
74 Homes Were Sold
Over Asking
Summary: A total of 102 homes were sold or pending in Sterling Heights in May 2024, up by 5.2% month-over-month. Of the 102 sold homes, 17% were sold under asking, 11% were sold at asking, and 73% were sold over asking.
Days on Market for Sterling Heights, MI
How long does it take to sell a home in Sterling Heights, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
15 Days | 10 Days | -29.3% |
Summary: Homes in Sterling Heights had an average of 10 days on market in May 2024, down by 29.3% compared to last year.
Breakdown of Home Sale Times
95 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 102 homes were sold in Sterling Heights; 93% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.