Birmingham, MI Real Estate Housing Market Trends Nov 2023
Birmingham, MI Housing Market Trends November 2023
Birmingham, Michigan is a charming and affluent city known for its upscale shops, dining options, and beautiful residential neighborhoods. As with many cities across the country, the Birmingham housing market has experienced its own set of trends and changes over the years. In particular, home prices in Birmingham have seen significant fluctuations, with an overall increase in recent years due to high demand and limited housing supply.
The average days on market for homes in Birmingham has also been a notable trend, as competitive market conditions have led to shorter listing times for properties. In addition, the housing supply in Birmingham has posed challenges for buyers, as inventory levels have struggled to keep up with the high demand for homes in the area.
In this article, we will explore the current housing market trends in Birmingham, including insights into home prices, average days on market, and the impact of housing supply on the real estate landscape. Whether you are a potential buyer, seller, or simply curious about the market, understanding these trends can provide valuable insights into the Birmingham housing market. in Birmingham, MI. The data in this report is based on the latest available monthly datapoint set (October) and Active data as of November 30 2023.
Housing Prices in Birmingham, MI
The housing market in Birmingham, MI has been experiencing a significant increase in home values over the past year, with the median sale price of a single-family residence reaching $785,000 in November. This marks a 9.4% year-over-year increase in home values, reflecting the growing demand for properties in this affluent Detroit suburb. Birmingham, MI has long been known for its picturesque neighborhoods, top-rated schools, and vibrant downtown area, making it a highly desirable location for homebuyers. As the housing market continues to thrive in Birmingham, both buyers and sellers should keep a close eye on the evolving trends and consider the potential implications for their real estate transactions. Median sale price in October 2022 for Birmingham single family homes was $717,500
Days on Market for Birmingham, MI In October 2023
The median days on the market for homes in Birmingham, MI was 21 days, which is a slight increase from 18 days in the same month of the previous year. This indicates that homes in Birmingham are staying on the market for a bit longer before being sold compared to the previous year. Despite the increase, the market for homes in Birmingham remains relatively fast-paced, with properties generally still selling within a reasonable amount of time. This could be attributed to the high demand for homes in the area, as Birmingham is known for its desirable neighborhoods, good schools, and proximity to amenities. The increase in median days on the market may also be influenced by external factors such as economic conditions and changes in the real estate market. Overall, the slight increase in days on market suggests a possible shift in the dynamics of the housing market in Birmingham, MI.
Housing Supply in Birmingham, MI
The next major indicator of market conditions that we like to use is month supply. The month's supply simply put is if everyone were to stop listing their homes effective today how long would it take to sell out of all the currently active listed inventory. As of October 2023 current sales rates, it would take 2.9 months to sell out all of the homes for sale. This is a low inventory, which results in the sellers having the advantage in this market. We also factor in seasonal trends in our area as the winter and holiday season is typically one of the slower times of year in October leads into that as families get back into the groove of school.
Home offer insights for Downtown Birmingham
The latest data on home offers in Downtown Birmingham reveals some interesting insights for both buyers and sellers. Sellers are accepting on average 97% of the asking price, indicating a strong seller's market in the area. This trend has remained fairly flat year over year, further solidifying the notion that the seller's market in Birmingham continues to thrive. For sellers, this means that they can expect to receive close to their asking price for their homes, while buyers may find it challenging to negotiate for lower prices. The high acceptance rate also suggests that demand for homes in Downtown Birmingham remains strong, with buyers competing for available properties. As the trend persists, it's clear that now may be a great time for sellers to capitalize on the current market conditions, while buyers may need to act quickly and decisively to secure a home in this competitive market
Birmingham Real Estate Market Update Summary:
As we look collectively at all the key metrics provided in this article, it is safe to say that Birmingham has a resilient strong real estate demand that results in a sellers market in that area. One of the last statistics will be added to this month's update, is the price per square foot. While looking at the average sale price total is one important factor, the price per square foot gives us a better interpretation as to how the local market real estate is appreciating in general. Not only does price per square foot factor in the sale price, but it also correlates it to the size of the home. While there are other factors such as bedroom count and bathroom count, garage, basement etc., the price per square foot does still give us a better glimpse into what homeowners can expect as far as the appreciation in their area.
I hope you've enjoyed this Birmingham real estate update for October 2023. As always if you're curious what your home would command in Today's market, please reach out to me Tara, 586-330-1248, or [email protected]