Is Wayland, 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, Wayland has remained a Seller's Market.
Key Takeaway
Wayland is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Wayland, MI
How much do homes in Wayland, MI cost?
Median Sold Price
$315,000
$210/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Wayland have sold for 8.6% more than they did a year ago.
Summary: The median home sold price in Wayland was $315,000 in May 2024, up 8.6% from last year, and the median price per square foot was $210.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | - | N/A |
| 2 Bedrooms | $240K | $260K | +8.3% |
| 3 Bedrooms | $286.2K | $309.8K | +8.2% |
| 4 Bedrooms | $305K | $350.6K | +15.0% |
| 5+ Bedrooms | $325K | $340K | +4.6% |
Summary: Wayland 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 8.3%, 3 bedroom homes increased by 8.2%, 4 bedroom homes increased by 15%, and 5+ bedroom homes increased by 4.6%.
Median Sold Price Compared To Nearby Cities
| Wayland | $290K | $315K | +8.6% |
| Wayland Township | $290K | $315K | +8.6% |
| Leighton Township | $324.9K | $352.5K | +8.5% |
Housing Supply in Wayland, MI
How many homes are available in Wayland, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 44 | 38 | -13.6% |
Summary: The Wayland real estate market had 38 homes for sale in May 2024, a 13.6% decrease 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 | 4 | 5 | +25.0% |
| 3 Bedrooms | 22 | 20 | -9.1% |
| 4 Bedrooms | 13 | 9 | -30.8% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The Wayland 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 increased by 25%, 3 bedroom homes decreased by 9.1%, 4 bedroom homes decreased by 30.8%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 19 | 10 | -47.4% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Wayland, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in Wayland in May 2024, down by 47.4% month-over-month. Of the 10 sold homes, 30% were sold under asking, 20% were sold at asking, and 50% were sold over asking.
Days on Market for Wayland, MI
How long does it take to sell a home in Wayland, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 16 Days | -24.1% |
Summary: Homes in Wayland had an average of 16 days on market in May 2024, down by 24.1% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Wayland are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 10 homes were sold in Wayland; 90% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
