Is Redford Charter Township, 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, Redford Charter Township has remained a Seller's Market.
Key Takeaway
Redford Charter Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Redford Charter Township, MI
How much do homes in Redford Charter Township, MI cost?
Median Sold Price
$165,804
$144/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Redford Charter Township have sold for 7.4% more than they did a year ago.
Summary: The median home sold price in Redford Charter Township was $165,804 in May 2024, up 7.4% from last year, and the median price per square foot was $144.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $50K | $55.5K | +11.0% |
| 2 Bedrooms | $108K | $117.5K | +8.8% |
| 3 Bedrooms | $155.8K | $170K | +9.1% |
| 4 Bedrooms | $201K | $195.6K | -2.7% |
| 5+ Bedrooms | $199.9K | $255K | +27.6% |
Summary: Redford Charter Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11%, 2 bedroom homes increased by 8.8%, 3 bedroom homes increased by 9.1%, 4 bedroom homes decreased by 2.7%, and 5+ bedroom homes increased by 27.6%.
Median Sold Price Compared To Nearby Cities
| Dearborn Heights | $170K | $194K | +14.1% |
| Redford Charter Township | $154.3K | $165.8K | +7.4% |
| Redford | $154.7K | $165.7K | +7.1% |
| Southfield | $215K | $225K | +4.7% |
| Detroit | $79.9K | $82.6K | +3.3% |
Housing Supply in Redford Charter Township, MI
How many homes are available in Redford Charter Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 223 | 214 | -4.0% |
Summary: The Redford Charter Township real estate market had 214 homes for sale in May 2024, a 4.0% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 2 | +100.0% |
| 2 Bedrooms | 28 | 21 | -25.0% |
| 3 Bedrooms | 176 | 173 | -1.7% |
| 4 Bedrooms | 16 | 16 | 0.0% |
| 5+ Bedrooms | 3 | 2 | -33.3% |
Summary: The Redford Charter Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 25%, 3 bedroom homes decreased by 1.7%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 86 | 69 | -19.8% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
36 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Redford Charter Township, you could pay more than the asking price. 52.2% of homes here sold above asking price last month.
Summary: A total of 69 homes were sold or pending in Redford Charter Township in May 2024, down by 19.8% month-over-month. Of the 69 sold homes, 35% were sold under asking, 13% were sold at asking, and 52% were sold over asking.
Days on Market for Redford Charter Township, MI
How long does it take to sell a home in Redford Charter Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 31 Days | 23 Days | -23.0% |
Summary: Homes in Redford Charter Township had an average of 23 days on market in May 2024, down by 23% compared to last year.
Breakdown of Home Sale Times
53 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Redford Charter Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 69 homes were sold in Redford Charter Township; 77% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 4% 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.