Dearborn Housing Market Remains Strong: Realtors

DEARBORN, MI – The City of Dearborn’s housing market is enjoying continued strength and has reached record high prices.

The median sale price of homes in Dearborn reached a 7-year high of $125,500 in August, representing a 4.6-percent increase from $120,000 a year ago. The data, gathered by Multiple Listing Service Realcomp, compares market performance year over year between 2015 and 2016.

Sam Baydoun, president of Dearborn Area Board of Realtors, said he expects the upward trend to continue.

“Dearborn is a very diverse city with unique real estate, and right now there are more buyers than sellers,” Baydoun said in a press release. “That means sellers are getting the asking price for a house, and often even more.”

In addition to pricing, several other key indicators reveal promising trends in the market. The inventory of homes for sale, number of new listings and number of days on the market have all declined significantly compared to 2015, pointing to higher demand for housing in Dearborn.

In Aug. 2015, Dearborn had an inventory of 511 houses for sale. A year later, that number was nearly halved to 292. New listings dropped from last year’s 220 to this year’s 200, while the number of days on the market fell from 36 to 30.

Dearborn is a very desirable location for professionals and families, Baydoun said, so the demand for housing will continue to drive the market.

“This is very good for Dearborn,” Baydoun said. “It will help increase the tax base for the city and add value to houses, big and small.”

Photo via City of Dearborn.