What Is The Property Market Trend in Birmingham, MI?
You probably already know that Birmingham, MI is one of the most desirable and expensive places to live in Michigan if not THEE most desirable and expensive.
With that being said, even if this real estate market shifts to a very strong buyer’s market in the future, we expect Birmingham to maintain it’s reputation as one of the most desirable and expensive places to live in Michigan.
According to Realtor.com, the median listing home price in Birmingham is $1.2 million, the median listing home price per sqft is $430 and the median sold home price is $874,5k. As of today, there are currently 94 homes for sale in the city ranging from $255,000 to $7, 299, 000.
Currently, the home values are increasing for this area at about 35% year-over-year. In June 2023, homes in Birmingham sold for approximately the asking price on average and in about 22 days.
So what makes Birmingham so desirable? Well, for starters the schools have top ratings, which often drives a great desire for a neighborhood for home buyers that have kids or intend to have kids.
Even if the buyer doesn’t have kids, they often consider the school district for resale value and how quickly they may be able to sell the home as a result. For example, a home in Southfield with Birmingham schools is worth much higher than a home in Southfield with Southfield schools.
In addition, Birmingham also offers a lot of attractions. There are several events that take place including festivals, parades, art fairs, etc. Downtown features many upscale boutiques, coffee shops, art galleries, dining and entertainment such as the Emagine Palladium.
The city also offers many parks, and recreational sites nearby for boating, fishing, hiking, motorcycling and other outdoor activities. It’s also centrally located to many expressways so it’s very convenient to get around.
Be sure to check out this starter home or pristine rental in Pembroke Manor in Birmingham in the quick video and you can check out more pictures and details of the home here.
This has been “What Is The Property Market Trend in Birmingham, MI?” by Patrice Henderson of Designed Living Real Estate. Be sure to subscribe to her YouTube channel for all your real estate tips, home tours and advice.
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