Foreclosure Homes in Southfield, MI

Current Market Conditions in Southfield, MI

In Southfield, the real estate market is currently experiencing a decline in inventory, leading to increased demand and rising home prices. The average days on the market for homes has decreased significantly, indicating a competitive market where buyers need to act quickly. The area remains attractive to first-time homebuyers due to its affordability relative to neighboring cities.

In recent months, there has been a noticeable increase in new condo developments and mixed-use residential projects, reflecting the growing interest in urban-style living within suburban settings. Investors are also showing interest in rental properties, as the demand for rental units continues to rise, further tightening the market.

Rent Prices In Southfield, MI

With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Southfield, MI, is on a rollercoaster ride. The average rent price in Southfield, MI, is $1,499.00. Indeed, when looking to rent in Southfield, MI, you can expect to pay as little as $640.00 or as much as $3,300.00, with the average rent median estimated to be $1,460.00. The good news is that finding an affordable and desirable property to rent in Southfield, MI -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.