$1,934 Closing Credit*
$162,900
936 SqFt
3 Beds
•1 Full Bath
Monica M Rattee, Listing Office: RE/MAX In The Park, Inc
Is Madison Heights, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Madison Heights has remained a Seller's Market.
Key Takeaway
Madison Heights is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Madison Heights, MI
How much do homes in Madison Heights, MI cost?
Median Sold Price
$221,000
$199/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$23,500(+11.9%)
Key Takeaway
Homes in Madison Heights have sold for 11.9% more than they did a year ago.
Summary: The median home sold price in Madison Heights was $221,000 in October 2024, up 11.9% from last year, and the median price per square foot was $199.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $104.5K | $95K | -9.1% |
| 2 Bedrooms | $146.9K | $154.5K | +5.2% |
| 3 Bedrooms | $219K | $240K | +9.6% |
| 4 Bedrooms | $219.4K | $291.5K | +32.8% |
| 5+ Bedrooms | $313K | $297.5K | -5.0% |
Summary: Madison Heights housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9.1%, 2 bedroom homes increased by 5.2%, 3 bedroom homes increased by 9.6%, 4 bedroom homes increased by 32.8%, and 5+ bedroom homes decreased by 5%.
Median Sold Price Compared To Nearby Cities
| Madison Heights | $197.5K | $221K | +11.9% |
| Warren | $174K | $189.9K | +9.2% |
| Troy | $409.8K | $442.5K | +8.0% |
| Sterling Heights | $285K | $305K | +7.0% |
| Royal Oak | $334.9K | $345K | +3.0% |
Housing Supply in Madison Heights, MI
How many homes are available in Madison Heights, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 77 | 99 | +28.6% |
Summary: The Madison Heights real estate market had 99 homes for sale in October 2024, a 28.6% 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 | 19 | 29 | +52.6% |
| 3 Bedrooms | 57 | 64 | +12.3% |
| 4 Bedrooms | 1 | 5 | +400.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Madison Heights 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 52.6%, 3 bedroom homes increased by 12.3%, 4 bedroom homes increased by 400%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 25 | 26 | +4.0% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Madison Heights, you could pay more than the asking price. 46.2% of homes here sold above asking price last month.
Summary: A total of 26 homes were sold or pending in Madison Heights in October 2024, up by 4.0% month-over-month. Of the 26 sold homes, 42% were sold under asking, 12% were sold at asking, and 46% were sold over asking.
Days on Market for Madison Heights, MI
How long does it take to sell a home in Madison Heights, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 9 Days | 23 Days | +145.4% |
Summary: Homes in Madison Heights had an average of 23 days on market in Oct 2024, up by 145.4% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Madison Heights are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 26 homes were sold in Madison Heights; 73% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 4% 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.