$3,739 Closing Credit*
$314,900
2,349 SqFt
3 Beds
•2 Full Baths, 1 Partial
Ryan E Kain, Listing Office: RE/MAX Leading Edge
Is Lathrup Village, 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, Lathrup Village was a Neutral Market.
Key Takeaway
Lathrup Village is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lathrup Village, MI
How much do homes in Lathrup Village, MI cost?
Median Sold Price
$324,000
$169/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$9,000(+2.9%)
Key Takeaway
Homes in Lathrup Village have sold for 2.9% more than they did a year ago.
Summary: The median home sold price in Lathrup Village was $324,000 in October 2024, up 2.9% from last year, and the median price per square foot was $169.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $199K | $175K | -12.1% |
| 3 Bedrooms | $295.1K | $297.5K | +0.8% |
| 4 Bedrooms | $355K | $353.5K | -0.4% |
| 5+ Bedrooms | $333K | $525K | +57.7% |
Summary: Lathrup Village 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 decreased by 12.1%, 3 bedroom homes increased by 0.8%, 4 bedroom homes decreased by 0.4%, and 5+ bedroom homes increased by 57.7%.
Median Sold Price Compared To Nearby Cities
| Southfield | $218.9K | $225.6K | +3.1% |
| Lathrup Village | $315K | $324K | +2.9% |
Housing Supply in Lathrup Village, MI
How many homes are available in Lathrup Village, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 14 | 16 | +14.3% |
Summary: The Lathrup Village real estate market had 16 homes for sale in October 2024, a 14.3% 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 | 3 | 3 | 0.0% |
| 3 Bedrooms | 6 | 9 | +50.0% |
| 4 Bedrooms | 5 | 3 | -40.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Lathrup Village 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 remained the same, 3 bedroom homes increased by 50%, 4 bedroom homes decreased by 40%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 4 | 6 | +50.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Lathrup Village, 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 Lathrup Village in October 2024, up by 50.0% month-over-month. Of the 6 sold homes, 67% were sold under asking, 17% were sold at asking, and 17% were sold over asking.
Days on Market for Lathrup Village, MI
How long does it take to sell a home in Lathrup Village, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 5 Days | 67 Days | +1243.3% |
Summary: Homes in Lathrup Village had an average of 67 days on market in Oct 2024, up by 1243.3% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lathrup Village are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 6 homes were sold in Lathrup Village; 50% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
