$4,156 Closing Credit*
$350,000
1,400 SqFt
3 Beds
•1 Full Bath, 1 Partial
Lauren D Bruyninga, Ryan P Cooley, Listing Office: OConnor Realty Detroit, LLC
Is Lafayette 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, Lafayette Park was a Seller's Market.
Key Takeaway
Lafayette Park is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lafayette Park, MI
How much do homes in Lafayette Park, MI cost?
Median Sold Price
$116,250
$115/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$86,750(-42.7%)
Key Takeaway
Homes in Lafayette Park have sold for 42.7% less than they did a year ago.
Summary: The median home sold price in Lafayette Park was $116,250 in November 2024, down 42.7% from last year, and the median price per square foot was $115.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $74.7K | $93K | +24.4% |
| 2 Bedrooms | $146.5K | $110K | -24.9% |
| 3 Bedrooms | $325K | $329.5K | +1.4% |
| 4 Bedrooms | $347.5K | $212.5K | -38.8% |
| 5+ Bedrooms | - | - | N/A |
Summary: Lafayette Park housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 24.4%, 2 bedroom homes decreased by 24.9%, 3 bedroom homes increased by 1.4%, 4 bedroom homes decreased by 38.8%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Elmwood | $175.5K | $188.5K | +7.4% |
| Downtown | $329K | $305.3K | -7.2% |
| Lower East Central | $175.5K | $127.5K | -27.4% |
| Lafayette Park | $203K | $116.2K | -42.7% |
Housing Supply in Lafayette Park, MI
How many homes are available in Lafayette Park, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 34 | 33 | -2.9% |
Summary: The Lafayette Park real estate market had 33 homes for sale in November 2024, a 2.9% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 12 | 15 | +25.0% |
| 2 Bedrooms | 12 | 11 | -8.3% |
| 3 Bedrooms | 7 | 5 | -28.6% |
| 4 Bedrooms | 3 | 2 | -33.3% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Lafayette Park housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes decreased by 8.3%, 3 bedroom homes decreased by 28.6%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 4 | 3 | -25.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lafayette 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 3 homes were sold or pending in Lafayette Park in November 2024, down by 25.0% month-over-month. Of the 3 sold homes, 67% were sold under asking, 33% were sold at asking, and 0% were sold over asking.
Days on Market for Lafayette Park, MI
How long does it take to sell a home in Lafayette Park, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 185 Days | 90 Days | -51.4% |
Summary: Homes in Lafayette Park had an average of 90 days on market in Nov 2024, down by 51.4% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Lafayette Park are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 3 homes were sold in Lafayette Park; 33% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
