$1,995 Closing Credit*
$168,000
439 SqFt
Studio
•1 Full Bath
#50163229, Brett Schwartz, Listing Office: Real Estate One/Max Broock West Bloomfield
Is Birmingham, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Birmingham has remained a Seller's Market.
Key Takeaway
Birmingham is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Birmingham, MI
How much do homes in Birmingham, MI cost?
Median Sold Price
$850,000
$306/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$129,875(+18.0%)
Key Takeaway
Homes in Birmingham have sold for 18% more than they did a year ago.
Summary: The median home sold price in Birmingham was $850,000 in November 2024, up 18% from last year, and the median price per square foot was $306.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $307.7K | $226.5K | -26.4% |
| 2 Bedrooms | $342.5K | $372.5K | +8.8% |
| 3 Bedrooms | $557.5K | $582.5K | +4.5% |
| 4 Bedrooms | $1.0M | $1.1M | +9.3% |
| 5+ Bedrooms | $1.9M | $1.9M | +2.4% |
Summary: Birmingham housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 26.4%, 2 bedroom homes increased by 8.8%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 9.3%, and 5+ bedroom homes increased by 2.4%.
Median Sold Price Compared To Nearby Cities
| Birmingham | $720.1K | $850K | +18.0% |
| Bloomfield Charter Township | $553.7K | $600.1K | +8.4% |
| Bloomfield Hills | $574.9K | $621.6K | +8.1% |
| Troy | $420K | $450K | +7.1% |
| Royal Oak | $339K | $344.9K | +1.8% |
Housing Supply in Birmingham, MI
How many homes are available in Birmingham, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 135 | 123 | -8.9% |
Summary: The Birmingham real estate market had 123 homes for sale in November 2024, a 8.9% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 3 | -62.5% |
| 2 Bedrooms | 19 | 22 | +15.8% |
| 3 Bedrooms | 38 | 34 | -10.5% |
| 4 Bedrooms | 42 | 32 | -23.8% |
| 5+ Bedrooms | 28 | 32 | +14.3% |
Summary: The Birmingham housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 62.5%, 2 bedroom homes increased by 15.8%, 3 bedroom homes decreased by 10.5%, 4 bedroom homes decreased by 23.8%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 44 | 27 | -38.6% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Birmingham, you may be able to get a good deal. 74.1% of homes here sold below asking price last month.
Summary: A total of 27 homes were sold or pending in Birmingham in November 2024, down by 38.6% month-over-month. Of the 27 sold homes, 74% were sold under asking, 7% were sold at asking, and 19% were sold over asking.
Days on Market for Birmingham, MI
How long does it take to sell a home in Birmingham, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 20 Days | 33 Days | +66.2% |
Summary: Homes in Birmingham had an average of 33 days on market in Nov 2024, up by 66.2% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Birmingham are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 27 homes were sold in Birmingham; 59% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 7% 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.