$891 Closing Credit*
$75,000
762 SqFt
3 Beds
•1 Full Bath
Jesus Coronado, Listing Office: EXP Realty LLC
Is Franklin Park, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Franklin Park was a Seller's Market.
Key Takeaway
Franklin Park is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Franklin Park, MI
How much do homes in Franklin Park, MI cost?
Median Sold Price
$76,500
$61/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$26,550(+53.2%)
Key Takeaway
Homes in Franklin Park have sold for 53.2% more than they did a year ago.
Summary: The median home sold price in Franklin Park was $76,500 in November 2024, up 53.2% from last year, and the median price per square foot was $61.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $44K | $48.5K | +10.2% |
| 3 Bedrooms | $49.9K | $79K | +58.3% |
| 4 Bedrooms | $54.4K | $95K | +74.5% |
| 5+ Bedrooms | $500K | $110.6K | -77.9% |
Summary: Franklin Park housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10.2%, 3 bedroom homes increased by 58.3%, 4 bedroom homes increased by 74.5%, and 5+ bedroom homes decreased by 77.9%.
Median Sold Price Compared To Nearby Neighborhoods
| Franklin Park | $49.9K | $76.5K | +53.2% |
| Weatherby / Franklin Park | $50K | $72.5K | +45.0% |
| Weatherby | $50K | $61.5K | +23.0% |
| Cody / Rouge | $115.9K | $127.5K | +9.9% |
| Grandale | $52.7K | $50.5K | -4.3% |
Housing Supply in Franklin Park, MI
How many homes are available in Franklin Park, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 57 | 54 | -5.3% |
Summary: The Franklin Park real estate market had 54 homes for sale in November 2024, a 5.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 9 | 7 | -22.2% |
| 3 Bedrooms | 42 | 41 | -2.4% |
| 4 Bedrooms | 3 | 4 | +33.3% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Franklin Park housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 22.2%, 3 bedroom homes decreased by 2.4%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 11 | 6 | -45.5% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Franklin Park, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in Franklin Park in November 2024, down by 45.5% month-over-month. Of the 6 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% were sold over asking.
Days on Market for Franklin Park, MI
How long does it take to sell a home in Franklin Park, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 37 Days | 44 Days | +17.6% |
Summary: Homes in Franklin Park had an average of 44 days on market in Nov 2024, up by 17.6% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Franklin Park are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 6 homes were sold in Franklin Park; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.