Is Hamtramck, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Hamtramck was a Seller's Market.
Key Takeaway
Hamtramck is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Hamtramck, MI
How much do homes in Hamtramck, MI cost?
Median Sold Price
$150,000
$125/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Hamtramck have sold for 3.2% less than they did a year ago.
Summary: The median home sold price in Hamtramck was $150,000 in May 2024, down 3.2% from last year, and the median price per square foot was $125.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $120K | N/A |
| 2 Bedrooms | $110K | $101.5K | -7.7% |
| 3 Bedrooms | $135K | $147.5K | +9.3% |
| 4 Bedrooms | $175K | $175K | 0.0% |
| 5+ Bedrooms | $191.5K | $205K | +7.0% |
Summary: Hamtramck housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 7.7%, 3 bedroom homes increased by 9.3%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 7%.
Median Sold Price Compared To Nearby Cities
| Detroit | $79.9K | $82.6K | +3.3% |
| Hamtramck | $155K | $150K | -3.2% |
Housing Supply in Hamtramck, MI
How many homes are available in Hamtramck, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 61 | 61 | 0.0% |
Summary: The Hamtramck real estate market had 61 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 11 | 13 | +18.2% |
| 3 Bedrooms | 24 | 21 | -12.5% |
| 4 Bedrooms | 16 | 14 | -12.5% |
| 5+ Bedrooms | 10 | 13 | +30.0% |
Summary: The Hamtramck 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 18.2%, 3 bedroom homes decreased by 12.5%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes increased by 30%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 19 | 5 | -73.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Hamtramck, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Hamtramck in May 2024, down by 73.7% month-over-month. Of the 5 sold homes, 80% were sold under asking, 0% were sold at asking, and 20% were sold over asking.
Days on Market for Hamtramck, MI
How long does it take to sell a home in Hamtramck, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 30 Days | 51 Days | +67.4% |
Summary: Homes in Hamtramck had an average of 51 days on market in May 2024, up by 67.4% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Hamtramck are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 5 homes were sold in Hamtramck; 40% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 20% 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. Copyright MiRealSource.