$4,619 Closing Credit*
$389,000
1,400 SqFt
5 Beds
•3 Full Baths
Nofila Haidar, Listing Office: The Signature Group Realty, LLC
Is Melvindale, 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, Melvindale has remained a Seller's Market.
Key Takeaway
Melvindale is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Melvindale, MI
How much do homes in Melvindale, MI cost?
Median Sold Price
$145,000
$144/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$5,000(+3.6%)
Key Takeaway
Homes in Melvindale have sold for 3.6% more than they did a year ago.
Summary: The median home sold price in Melvindale was $145,000 in October 2024, up 3.6% from last year, and the median price per square foot was $144.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $86K | N/A |
| 2 Bedrooms | $111K | $118K | +6.3% |
| 3 Bedrooms | $144.5K | $160K | +10.7% |
| 4 Bedrooms | $170.1K | $175K | +2.9% |
| 5+ Bedrooms | - | $185K | N/A |
Summary: Melvindale 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 6.3%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 2.9%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Dearborn | $229.9K | $260K | +13.0% |
| Allen Park | $196.6K | $215K | +9.3% |
| Lincoln Park | $140K | $149.9K | +7.1% |
| Detroit | $79.7K | $85K | +6.6% |
| Melvindale | $140K | $145K | +3.6% |
Housing Supply in Melvindale, MI
How many homes are available in Melvindale, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 25 | 24 | -4.0% |
Summary: The Melvindale real estate market had 24 homes for sale in October 2024, a 4.0% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 9 | 9 | 0.0% |
| 3 Bedrooms | 13 | 13 | 0.0% |
| 4 Bedrooms | 2 | 1 | -50.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Melvindale 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 remained the same, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 9 | 7 | -22.2% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Melvindale, you could pay more than the asking price. 57.1% of homes here sold above asking price last month.
Summary: A total of 7 homes were sold or pending in Melvindale in October 2024, down by 22.2% month-over-month. Of the 7 sold homes, 29% were sold under asking, 14% were sold at asking, and 57% were sold over asking.
Days on Market for Melvindale, MI
How long does it take to sell a home in Melvindale, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 4 Days | 20 Days | +357.8% |
Summary: Homes in Melvindale had an average of 20 days on market in Oct 2024, up by 357.8% compared to last year.
Breakdown of Home Sale Times
6 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 Melvindale are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 7 homes were sold in Melvindale; 86% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
