Is Grosse Pointe Park, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Grosse Pointe Park has remained a Seller's Market.
Key Takeaway
Grosse Pointe Park is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Grosse Pointe Park, MI
How much do homes in Grosse Pointe Park, MI cost?
Median Sold Price
$480,500
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Grosse Pointe Park have sold for 31.2% more than they did a year ago.
Summary: The median home sold price in Grosse Pointe Park was $480,500 in May 2024, up 31.2% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $272.5K | $476.7K | +75.0% |
| 3 Bedrooms | $318.7K | $410K | +28.6% |
| 4 Bedrooms | $419K | $498K | +18.9% |
| 5+ Bedrooms | $626K | $564K | -9.9% |
Summary: Grosse Pointe Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 75%, 3 bedroom homes increased by 28.6%, 4 bedroom homes increased by 18.9%, and 5+ bedroom homes decreased by 9.9%.
Median Sold Price Compared To Nearby Cities
| Grosse Pointe | $191K | $311K | +62.8% |
| Grosse Pointe Park | $366.2K | $480.5K | +31.2% |
| Detroit | $79.9K | $82.6K | +3.3% |
Housing Supply in Grosse Pointe Park, MI
How many homes are available in Grosse Pointe Park, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 32 | 48 | +50.0% |
Summary: The Grosse Pointe Park real estate market had 48 homes for sale in May 2024, a 50.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 3 | 0.0% |
| 3 Bedrooms | 9 | 16 | +77.8% |
| 4 Bedrooms | 11 | 16 | +45.5% |
| 5+ Bedrooms | 9 | 13 | +44.4% |
Summary: The Grosse Pointe Park housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 77.8%, 4 bedroom homes increased by 45.5%, and 5+ bedroom homes increased by 44.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4 | 14 | +250.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Grosse Pointe Park, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.
Summary: A total of 14 homes were sold or pending in Grosse Pointe Park in May 2024, up by 250.0% month-over-month. Of the 14 sold homes, 43% were sold under asking, 36% were sold at asking, and 21% were sold over asking.
Days on Market for Grosse Pointe Park, MI
How long does it take to sell a home in Grosse Pointe Park, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 29 Days | 24 Days | -15.7% |
Summary: Homes in Grosse Pointe Park had an average of 24 days on market in May 2024, down by 15.7% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Grosse Pointe Park are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 14 homes were sold in Grosse Pointe Park; 79% of homes were sold within 30 days, 14% 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. Copyright MiRealSource.