$2,969 Closing Credit*
$250,000
1,450 SqFt
4 Beds
•1 Full Bath, 1 Partial
Haley Malloy, Listing Office: Community Choice Realty
Is Southfield, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Southfield has remained a Seller's Market.
Key Takeaway
Southfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Southfield, MI
How much do homes in Southfield, MI cost?
Median Sold Price
$221,547
$124/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$1,567(+0.7%)
Key Takeaway
Homes in Southfield have sold for 0.7% more than they did a year ago.
Summary: The median home sold price in Southfield was $221,547 in November 2024, up 0.7% from last year, and the median price per square foot was $124.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $83K | $76K | -8.4% |
| 2 Bedrooms | $162K | $166K | +2.5% |
| 3 Bedrooms | $220K | $230K | +4.5% |
| 4 Bedrooms | $310K | $332.5K | +7.3% |
| 5+ Bedrooms | $306K | $387.5K | +26.6% |
Summary: Southfield housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 8.4%, 2 bedroom homes increased by 2.5%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 7.3%, and 5+ bedroom homes increased by 26.6%.
Median Sold Price Compared To Nearby Cities
| Southfield Township | $254.8K | $270.2K | +6.0% |
| Lathrup Village | $315K | $323K | +2.5% |
| Southfield | $219.9K | $221.5K | +0.7% |
| Beverly Hills | $522.5K | $520.7K | -0.3% |
Housing Supply in Southfield, MI
How many homes are available in Southfield, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 187 | 202 | +8.0% |
Summary: The Southfield real estate market had 202 homes for sale in November 2024, a 8.0% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 47 | 58 | +23.4% |
| 3 Bedrooms | 88 | 89 | +1.1% |
| 4 Bedrooms | 41 | 46 | +12.2% |
| 5+ Bedrooms | 10 | 9 | -10.0% |
Summary: The Southfield housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 23.4%, 3 bedroom homes increased by 1.1%, 4 bedroom homes increased by 12.2%, and 5+ bedroom homes decreased by 10%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 52 | 44 | -15.4% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southfield, you may be able to get a good deal. 40.9% of homes here sold below asking price last month.
Summary: A total of 44 homes were sold or pending in Southfield in November 2024, down by 15.4% month-over-month. Of the 44 sold homes, 41% were sold under asking, 25% were sold at asking, and 34% were sold over asking.
Days on Market for Southfield, MI
How long does it take to sell a home in Southfield, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 22 Days | 35 Days | +55.8% |
Summary: Homes in Southfield had an average of 35 days on market in Nov 2024, up by 55.8% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Southfield are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 44 homes were sold in Southfield; 59% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.