$3,028 Closing Credit*
$255,000
1,563 SqFt
3 Beds
•1 Full Bath, 1 Partial
Mariam Khalaf, Listing Office: Sunflower Realty LLC
Is Ferndale, 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, Ferndale has remained a Seller's Market.
Key Takeaway
Ferndale is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Ferndale, MI
How much do homes in Ferndale, MI cost?
Median Sold Price
$250,302
$209/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$10,302(+4.3%)
Key Takeaway
Homes in Ferndale have sold for 4.3% more than they did a year ago.
Summary: The median home sold price in Ferndale was $250,302 in November 2024, up 4.3% from last year, and the median price per square foot was $209.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $285K | $140K | -50.9% |
| 2 Bedrooms | $203.5K | $200K | -1.7% |
| 3 Bedrooms | $258K | $261.8K | +1.5% |
| 4 Bedrooms | $297K | $289.9K | -2.4% |
| 5+ Bedrooms | $427K | $533.6K | +25.0% |
Summary: Ferndale housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 50.9%, 2 bedroom homes decreased by 1.7%, 3 bedroom homes increased by 1.5%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes increased by 25%.
Median Sold Price Compared To Nearby Cities
| Pleasant Ridge | $445K | $482.4K | +8.4% |
| Oak Park | $214.5K | $231K | +7.7% |
| Hazel Park | $162.5K | $174K | +7.1% |
| Ferndale | $240K | $250.3K | +4.3% |
| Royal Oak | $339K | $344.9K | +1.8% |
Housing Supply in Ferndale, MI
How many homes are available in Ferndale, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 125 | 123 | -1.6% |
Summary: The Ferndale real estate market had 123 homes for sale in November 2024, a 1.6% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 3 | +100.0% |
| 2 Bedrooms | 33 | 34 | +3.0% |
| 3 Bedrooms | 77 | 73 | -5.2% |
| 4 Bedrooms | 13 | 12 | -7.7% |
| 5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Ferndale housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 3%, 3 bedroom homes decreased by 5.2%, 4 bedroom homes decreased by 7.7%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 36 | 28 | -22.2% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Ferndale, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 28 homes were sold or pending in Ferndale in November 2024, down by 22.2% month-over-month. Of the 28 sold homes, 50% were sold under asking, 14% were sold at asking, and 36% were sold over asking.
Days on Market for Ferndale, MI
How long does it take to sell a home in Ferndale, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 13 Days | 23 Days | +75.6% |
Summary: Homes in Ferndale had an average of 23 days on market in Nov 2024, up by 75.6% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Ferndale are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 28 homes were sold in Ferndale; 71% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 0% 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.