$1,899 Closing Credit*
$159,900
1,416 SqFt
2 Beds
•1 Full Bath
Sousanna Hadjinian, Michael J Hadjinian, Listing Office: Remerica Hometown III
Is Southgate, 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, 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
$200,000
$121/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$20,000(+11.1%)
Key Takeaway
Homes in Southgate have sold for 11.1% more than they did a year ago.
Summary: The median home sold price in Southgate was $200,000 in November 2024, up 11.1% from last year, and the median price per square foot was $121.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $77.5K | $110K | +41.9% |
| 2 Bedrooms | $139.9K | $150K | +7.2% |
| 3 Bedrooms | $185K | $204K | +10.3% |
| 4 Bedrooms | $281.5K | $270K | -4.1% |
| 5+ Bedrooms | $300.5K | $394.5K | +31.3% |
Summary: Southgate housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 41.9%, 2 bedroom homes increased by 7.2%, 3 bedroom homes increased by 10.3%, 4 bedroom homes decreased by 4.1%, and 5+ bedroom homes increased by 31.3%.
Median Sold Price Compared To Nearby Cities
| Southgate | $180K | $200K | +11.1% |
| Riverview | $194.7K | $211.5K | +8.6% |
| Allen Park | $199.9K | $215K | +7.5% |
| Lincoln Park | $140K | $150K | +7.1% |
| Wyandotte | $180K | $190K | +5.6% |
Housing Supply in Southgate, MI
How many homes are available in Southgate, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 95 | 82 | -13.7% |
Summary: The Southgate real estate market had 82 homes for sale in November 2024, a 13.7% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 17 | 15 | -11.8% |
| 3 Bedrooms | 63 | 56 | -11.1% |
| 4 Bedrooms | 14 | 10 | -28.6% |
| 5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The Southgate housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 11.8%, 3 bedroom homes decreased by 11.1%, 4 bedroom homes decreased by 28.6%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 32 | 26 | -18.8% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southgate, you could pay more than the asking price. 69.2% of homes here sold above asking price last month.
Summary: A total of 26 homes were sold or pending in Southgate in November 2024, down by 18.8% month-over-month. Of the 26 sold homes, 23% were sold under asking, 8% were sold at asking, and 69% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 21 Days | 18 Days | -12.9% |
Summary: Homes in Southgate had an average of 18 days on market in Nov 2024, down by 12.9% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
7 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 November 2024, 26 homes were sold in Southgate; 73% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 0% 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.