Is Buchanan, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Buchanan has remained a Seller's Market.
Key Takeaway
Buchanan is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Buchanan, MI
How much do homes in Buchanan, MI cost?
Median Sold Price
$225,000
$162/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Buchanan have sold for 18.4% more than they did a year ago.
Summary: The median home sold price in Buchanan was $225,000 in May 2024, up 18.4% from last year, and the median price per square foot was $162.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $79K | - | N/A |
| 2 Bedrooms | $138K | $172.5K | +25.0% |
| 3 Bedrooms | $225K | $225.5K | 0.2% |
| 4 Bedrooms | $319K | $311.5K | -2.4% |
| 5+ Bedrooms | $248K | $245K | -1.2% |
Summary: Buchanan housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 0.2%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes decreased by 1.2%.
Median Sold Price Compared To Nearby Cities
| Buchanan | $190K | $225K | +18.4% |
| Buchanan Township | $193.9K | $227K | +17.0% |
Housing Supply in Buchanan, MI
How many homes are available in Buchanan, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 35 | 48 | +37.1% |
Summary: The Buchanan real estate market had 48 homes for sale in May 2024, a 37.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 7 | 6 | -14.3% |
| 3 Bedrooms | 17 | 21 | +23.5% |
| 4 Bedrooms | 7 | 14 | +100.0% |
| 5+ Bedrooms | 4 | 7 | +75.0% |
Summary: The Buchanan housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 14.3%, 3 bedroom homes increased by 23.5%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 75%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 12 | 10 | -16.7% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Buchanan, expect to pay close to the asking price. 60% of homes here sold near the asking price last month.
Summary: A total of 10 homes were sold or pending in Buchanan in May 2024, down by 16.7% month-over-month. Of the 10 sold homes, 30% were sold under asking, 60% were sold at asking, and 10% were sold over asking.
Days on Market for Buchanan, MI
How long does it take to sell a home in Buchanan, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 52 Days | 57 Days | +9.5% |
Summary: Homes in Buchanan had an average of 57 days on market in May 2024, up by 9.5% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Buchanan are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 10 homes were sold in Buchanan; 50% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
The data on this website relating to real estate for sale comes in part from the Internet Data Exchange (IDX) program of the Indiana Regional MLS (IRMLS). IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by the MLS. ©2011-2024 Indiana Regional MLS. All rights reserved.