$2,613 Closing Credit*
$220,000
725 SqFt
2 Beds
•1 Full Bath
Amy Parsons, Listing Office: @properties Christie's Int'l R.E. Birmingham
Is Ferndale, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$252,112
$233/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$15,779(+6.7%)
Key Takeaway
Homes in Ferndale have sold for 6.7% more than they did a year ago.
Summary: The median home sold price in Ferndale was $252,112 in October 2024, up 6.7% from last year, and the median price per square foot was $233.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $282.5K | $140K | -50.4% |
| 2 Bedrooms | $202.5K | $210K | +3.7% |
| 3 Bedrooms | $255K | $263.3K | +3.3% |
| 4 Bedrooms | $332.5K | $292.5K | -12.0% |
| 5+ Bedrooms | $427K | $533.6K | +25.0% |
Summary: Ferndale housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 50.4%, 2 bedroom homes increased by 3.7%, 3 bedroom homes increased by 3.3%, 4 bedroom homes decreased by 12%, and 5+ bedroom homes increased by 25%.
Median Sold Price Compared To Nearby Cities
| Oak Park | $210.2K | $230.5K | +9.6% |
| Hazel Park | $161.5K | $175K | +8.4% |
| Ferndale | $236.3K | $252.1K | +6.7% |
| Royal Oak | $334.9K | $345K | +3.0% |
| Pleasant Ridge | $488.5K | $482.4K | -1.2% |
Housing Supply in Ferndale, MI
How many homes are available in Ferndale, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 120 | 135 | +12.5% |
Summary: The Ferndale real estate market had 135 homes for sale in October 2024, a 12.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 31 | 37 | +19.4% |
| 3 Bedrooms | 73 | 82 | +12.3% |
| 4 Bedrooms | 14 | 14 | 0.0% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Ferndale housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 19.4%, 3 bedroom homes increased by 12.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 42 | 31 | -26.2% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Ferndale, you could pay more than the asking price. 45.2% of homes here sold above asking price last month.
Summary: A total of 31 homes were sold or pending in Ferndale in October 2024, down by 26.2% month-over-month. Of the 31 sold homes, 29% were sold under asking, 26% were sold at asking, and 45% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 19 Days | 23 Days | +20.0% |
Summary: Homes in Ferndale had an average of 23 days on market in Oct 2024, up by 20% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 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 October 2024, 31 homes were sold in Ferndale; 77% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 6% 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.