$3,088 Closing Credit*
$260,000
1,740 SqFt
5 Beds
•2 Full Baths
Daniel S Bradley, Listing Office: Five Star Real Estate (Rock)
Is Garfield Park, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Garfield Park was a Seller's Market.
Key Takeaway
Garfield Park is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Garfield Park, MI
How much do homes in Garfield Park, MI cost?
Median Sold Price
$233,000
$179/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$23,000(+11.0%)
Key Takeaway
Homes in Garfield Park have sold for 11% more than they did a year ago.
Summary: The median home sold price in Garfield Park was $233,000 in October 2024, up 11% from last year, and the median price per square foot was $179.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $125K | - | N/A |
| 2 Bedrooms | $174.2K | $188K | +7.9% |
| 3 Bedrooms | $224.9K | $234K | +4.0% |
| 4 Bedrooms | $242.5K | $250K | +3.1% |
| 5+ Bedrooms | $210K | $275K | +31.0% |
Summary: Garfield Park housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 7.9%, 3 bedroom homes increased by 4%, 4 bedroom homes increased by 3.1%, and 5+ bedroom homes increased by 31%.
Median Sold Price Compared To Nearby Neighborhoods
| Oakdale | $185K | $218.3K | +18.0% |
| South East Community Association | $185.5K | $217K | +17.0% |
| Alger Heights | $261K | $290K | +11.1% |
| Garfield Park | $210K | $233K | +11.0% |
Housing Supply in Garfield Park, MI
How many homes are available in Garfield Park, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 41 | 48 | +17.1% |
Summary: The Garfield Park real estate market had 48 homes for sale in October 2024, a 17.1% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 6 | +200.0% |
| 3 Bedrooms | 27 | 26 | -3.7% |
| 4 Bedrooms | 11 | 13 | +18.2% |
| 5+ Bedrooms | 1 | 3 | +200.0% |
Summary: The Garfield Park housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 200%, 3 bedroom homes decreased by 3.7%, 4 bedroom homes increased by 18.2%, and 5+ bedroom homes increased by 200%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 16 | 6 | -62.5% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Garfield Park, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 6 homes were sold or pending in Garfield Park in October 2024, down by 62.5% month-over-month. Of the 6 sold homes, 17% were sold under asking, 17% were sold at asking, and 67% were sold over asking.
Days on Market for Garfield Park, MI
How long does it take to sell a home in Garfield Park, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 12 Days | 11 Days | -1.4% |
Summary: Homes in Garfield Park had an average of 11 days on market in Oct 2024, down by 1.4% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Garfield Park are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 6 homes were sold in Garfield Park; 83% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
