$4,452 Closing Credit*
$374,900
1,994 SqFt
4 Beds
•2 Full Baths, 1 Partial
Emmie Littlejohn, Listing Office: Select Real Estate Professionals
Is Southfield, 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, 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
$225,666
$146/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$6,683(+3.1%)
Key Takeaway
Homes in Southfield have sold for 3.1% more than they did a year ago.
Summary: The median home sold price in Southfield was $225,666 in October 2024, up 3.1% from last year, and the median price per square foot was $146.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $83K | $95.5K | +15.1% |
| 2 Bedrooms | $162K | $161.2K | -0.5% |
| 3 Bedrooms | $217.7K | $234K | +7.5% |
| 4 Bedrooms | $307K | $332K | +8.1% |
| 5+ Bedrooms | $300K | $388.7K | +29.6% |
Summary: Southfield housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.1%, 2 bedroom homes decreased by 0.5%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes increased by 29.6%.
Median Sold Price Compared To Nearby Cities
| Southfield Township | $260K | $270K | +3.8% |
| Beverly Hills | $512.5K | $530K | +3.4% |
| Southfield | $218.9K | $225.6K | +3.1% |
| Lathrup Village | $315K | $324K | +2.9% |
Housing Supply in Southfield, MI
How many homes are available in Southfield, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 176 | 193 | +9.7% |
Summary: The Southfield real estate market had 193 homes for sale in October 2024, a 9.7% increase 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 | 38 | 44 | +15.8% |
| 3 Bedrooms | 90 | 96 | +6.7% |
| 4 Bedrooms | 40 | 42 | +5.0% |
| 5+ Bedrooms | 7 | 10 | +42.9% |
Summary: The Southfield 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 15.8%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 5%, and 5+ bedroom homes increased by 42.9%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 52 | 42 | -19.2% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southfield, you may be able to get a good deal. 54.8% of homes here sold below asking price last month.
Summary: A total of 42 homes were sold or pending in Southfield in October 2024, down by 19.2% month-over-month. Of the 42 sold homes, 55% were sold under asking, 19% were sold at asking, and 26% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 18 Days | 34 Days | +83.2% |
Summary: Homes in Southfield had an average of 34 days on market in Oct 2024, up by 83.2% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
5 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 October 2024, 42 homes were sold in Southfield; 60% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 12% 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.