Is Westland, 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, Westland has remained a Seller's Market.
Key Takeaway
Westland is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Westland, MI
How much do homes in Westland, MI cost?
Median Sold Price
$204,538
$169/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Westland have sold for 7.3% more than they did a year ago.
Summary: The median home sold price in Westland was $204,538 in May 2024, up 7.3% from last year, and the median price per square foot was $169.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $72K | $87K | +20.8% |
| 2 Bedrooms | $139.9K | $131.5K | -6.0% |
| 3 Bedrooms | $196.3K | $212.5K | +8.2% |
| 4 Bedrooms | $250K | $280K | +12.0% |
| 5+ Bedrooms | $255.5K | $292.5K | +14.5% |
Summary: Westland housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20.8%, 2 bedroom homes decreased by 6%, 3 bedroom homes increased by 8.2%, 4 bedroom homes increased by 12%, and 5+ bedroom homes increased by 14.5%.
Median Sold Price Compared To Nearby Cities
| Dearborn Heights | $170K | $194K | +14.1% |
| Garden City | $172.5K | $194.4K | +12.7% |
| Inkster | $89K | $100K | +12.3% |
| Wayne | $149.9K | $165K | +10.1% |
| Westland | $190.5K | $204.5K | +7.3% |
Housing Supply in Westland, MI
How many homes are available in Westland, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 177 | 212 | +19.8% |
Summary: The Westland real estate market had 212 homes for sale in May 2024, a 19.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 27 | 34 | +25.9% |
| 3 Bedrooms | 124 | 148 | +19.4% |
| 4 Bedrooms | 22 | 27 | +22.7% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Westland housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 25.9%, 3 bedroom homes increased by 19.4%, 4 bedroom homes increased by 22.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 67 | 67 | 0.0% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
39 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Westland, you could pay more than the asking price. 58.2% of homes here sold above asking price last month.
Summary: A total of 67 homes were sold or pending in Westland in May 2024, the same as the previous month. Of the 67 sold homes, 22% were sold under asking, 19% were sold at asking, and 58% were sold over asking.
Days on Market for Westland, MI
How long does it take to sell a home in Westland, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 12 Days | 13 Days | +5.0% |
Summary: Homes in Westland had an average of 13 days on market in May 2024, up by 5% compared to last year.
Breakdown of Home Sale Times
59 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Westland are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 67 homes were sold in Westland; 88% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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