Is Southgate, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Southgate has remained a Seller's Market.
Key Takeaway
Southgate is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Southgate, MI
How much do homes in Southgate, MI cost?
Median Sold Price
$185,033
$161/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Southgate have sold for 5.7% more than they did a year ago.
Summary: The median home sold price in Southgate was $185,033 in May 2024, up 5.7% from last year, and the median price per square foot was $161.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $84K | $96.6K | +15.0% |
| 2 Bedrooms | $136K | $150K | +10.3% |
| 3 Bedrooms | $180K | $194.4K | +8.0% |
| 4 Bedrooms | $269K | $290K | +7.8% |
| 5+ Bedrooms | $269.9K | $334.2K | +23.8% |
Summary: Southgate housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15%, 2 bedroom homes increased by 10.3%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 7.8%, and 5+ bedroom homes increased by 23.8%.
Median Sold Price Compared To Nearby Cities
| Allen Park | $185K | $210K | +13.5% |
| Lincoln Park | $134.5K | $150K | +11.5% |
| Wyandotte | $169.9K | $185.6K | +9.2% |
| Southgate | $175K | $185K | +5.7% |
| Riverview | $207.5K | $194.7K | -6.1% |
Housing Supply in Southgate, MI
How many homes are available in Southgate, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 68 | 66 | -2.9% |
Summary: The Southgate real estate market had 66 homes for sale in May 2024, a 2.9% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 13 | 15 | +15.4% |
| 3 Bedrooms | 43 | 40 | -7.0% |
| 4 Bedrooms | 11 | 10 | -9.1% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Southgate housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 15.4%, 3 bedroom homes decreased by 7%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 19 | 29 | +52.6% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southgate, you could pay more than the asking price. 55.2% of homes here sold above asking price last month.
Summary: A total of 29 homes were sold or pending in Southgate in May 2024, up by 52.6% month-over-month. Of the 29 sold homes, 14% were sold under asking, 31% were sold at asking, and 55% were sold over asking.
Days on Market for Southgate, MI
How long does it take to sell a home in Southgate, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 18 Days | 12 Days | -31.6% |
Summary: Homes in Southgate had an average of 12 days on market in May 2024, down by 31.6% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Southgate are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 29 homes were sold in Southgate; 90% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 0% 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. Copyright MiRealSource.