Altos Market Data for Realtors
Westland, MI
Single-Family Homes
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Westland, MI
Sun Apr 28 2024
This week the median list price for Westland, MI is $225,000 with the market action index hovering around 82. This is less than last month's market action index of 83. Inventory has increased to 37.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Market appears to have begun to cool. As we’re still notably in the Seller’s zone, prices have not yet adjusted. If the market continues to cool, then expect prices to follow lower. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect this condition if the index falls to the Buyer’s zone.
Real-Time Market Profile
| Median List Price | $225,000 | |
| Median Price of New Listings | $239,990 | |
| Per Square Foot | $175 | |
| Average Days on Market | 26 | |
| Median Days on Market | 14 | |
| Price Decreased | 14% | |
| Price Increased | 5% | |
| Relisted | 5% | |
| Inventory | 37 | |
| Median Rent | ||
| Market Action | 82 | |
| Strong Seller's Market | ||
Price trends continued their recent uptrend this week. While still below the market’s price high-point, we’ve seen a nice run recently.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $420,000 | 2,172 | 6,500 - 8,000 sqft | 4 | 2.5 | 8 | 2 | 4 | 28 |
| $250,000 | 1,317 | 6,500 - 8,000 sqft | 3 | 1.5 | 66 | 3 | 5 | 7 |
| $211,900 | 1,173 | 4,500 - 6,500 sqft | 3 | 1 | 65 | 2 | 5 | 14 |
| $154,000 | 1,059 | 4,500 - 6,500 sqft | 3 | 1 | 75 | 2 | 3 | 31 |