Is River Rouge, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, River Rouge has remained a Seller's Market.
Key Takeaway
River Rouge is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in River Rouge, MI
How much do homes in River Rouge, MI cost?
Median Sold Price
$75,000
$70/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in River Rouge have sold for 6.8% more than they did a year ago.
Summary: The median home sold price in River Rouge was $75,000 in April 2024, up 6.8% from last year, and the median price per square foot was $70.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $10K | $70K | +600.0% |
| 2 Bedrooms | $45K | $60K | +33.3% |
| 3 Bedrooms | $69.2K | $75.8K | +9.5% |
| 4 Bedrooms | $72K | $80.6K | +12.0% |
| 5+ Bedrooms | $115K | $75K | -34.8% |
Summary: River Rouge housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 600%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 12%, and 5+ bedroom homes decreased by 34.8%.
Housing Supply in River Rouge, MI
How many homes are available in River Rouge, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 24 | 24 | 0.0% |
Summary: The River Rouge real estate market had 24 homes for sale in April 2024, the same as March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 2 | 4 | +100.0% |
| 3 Bedrooms | 17 | 15 | -11.8% |
| 4 Bedrooms | 3 | 4 | +33.3% |
| 5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The River Rouge housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes decreased by 11.8%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 5 | 7 | +40.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in River Rouge, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in River Rouge in April 2024, up by 40.0% month-over-month. Of the 7 sold homes, 57% were sold under asking, 29% were sold at asking, and 14% were sold over asking.
Days on Market for River Rouge, MI
How long does it take to sell a home in River Rouge, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 4 Days | 51 Days | +1196.4% |
Summary: Homes in River Rouge had an average of 51 days on market in Apr 2024, up by 1196.4% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in River Rouge are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 7 homes were sold in River Rouge; 71% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.
