Is Downtown, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Downtown was a Seller's Market.
Housing Prices in Downtown, MI
How much do homes in Downtown, MI cost?
Median Sold Price
$320,000
$260/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Downtown was $320,000 in May 2024, up 12.3% from last year, and the median price per square foot was $260.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $200K | $239.5K | +19.8% |
2 Bedrooms | $335K | $352.5K | +5.2% |
3 Bedrooms | $330K | $469.4K | +42.2% |
4 Bedrooms | $299.5K | $186K | -37.9% |
5+ Bedrooms | $293.7K | $400K | +36.2% |
Summary: Downtown housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.8%, 2 bedroom homes increased by 5.2%, 3 bedroom homes increased by 42.2%, 4 bedroom homes decreased by 37.9%, and 5+ bedroom homes increased by 36.2%.
Median Sold Price Compared To Nearby Neighborhoods
Brush Park | $474.5K | $600K | +26.4% |
Downtown | $285K | $320K | +12.3% |
Lafayette Park | $171.2K | $139.4K | -18.6% |
Housing Supply in Downtown, MI
How many homes are available in Downtown, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
195 | 217 | +11.3% |
Summary: The Downtown real estate market had 217 homes for sale in May 2024, a 11.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 46 | 47 | +2.2% |
2 Bedrooms | 93 | 110 | +18.3% |
3 Bedrooms | 40 | 43 | +7.5% |
4 Bedrooms | 14 | 14 | 0.0% |
5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Downtown housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 2.2%, 2 bedroom homes increased by 18.3%, 3 bedroom homes increased by 7.5%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
21 | 25 | +19.0% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 25 homes were sold or pending in Downtown in May 2024, up by 19.0% month-over-month. Of the 25 sold homes, 72% were sold under asking, 8% were sold at asking, and 20% were sold over asking.
Days on Market for Downtown, MI
How long does it take to sell a home in Downtown, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
35 Days | 54 Days | +52.4% |
Summary: Homes in Downtown had an average of 54 days on market in May 2024, up by 52.4% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Summary: During May 2024, 25 homes were sold in Downtown; 44% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 24% of homes were sold over 90 days.