Is Belmont, 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, Belmont has remained a Seller's Market.
Key Takeaway
Belmont is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Belmont, MI
How much do homes in Belmont, MI cost?
Median Sold Price
$460,000
$254/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Belmont have sold for 4.3% more than they did a year ago.
Summary: The median home sold price in Belmont was $460,000 in May 2024, up 4.3% from last year, and the median price per square foot was $254.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $467K | N/A |
| 2 Bedrooms | $435K | $405K | -6.9% |
| 3 Bedrooms | $362.7K | $349.2K | -3.7% |
| 4 Bedrooms | $454.4K | $575K | +26.5% |
| 5+ Bedrooms | $656.5K | $611K | -6.9% |
Summary: Belmont 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 decreased by 6.9%, 3 bedroom homes decreased by 3.7%, 4 bedroom homes increased by 26.5%, and 5+ bedroom homes decreased by 6.9%.
Median Sold Price Compared To Nearby Cities
| Comstock Park | $285.5K | $307.5K | +7.7% |
| Belmont | $441K | $460K | +4.3% |
| Plainfield Charter Township | $350K | $363.5K | +3.9% |
| Cannon Township | $445K | $453.1K | +1.8% |
| Algoma Township | $399.4K | $392.5K | -1.7% |
Housing Supply in Belmont, MI
How many homes are available in Belmont, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 31 | 36 | +16.1% |
Summary: The Belmont real estate market had 36 homes for sale in May 2024, a 16.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 5 | 4 | -20.0% |
| 3 Bedrooms | 11 | 12 | +9.1% |
| 4 Bedrooms | 9 | 8 | -11.1% |
| 5+ Bedrooms | 5 | 12 | +140.0% |
Summary: The Belmont housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 20%, 3 bedroom homes increased by 9.1%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes increased by 140%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 13 | +18.2% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Belmont, you could pay more than the asking price. 46.2% of homes here sold above asking price last month.
Summary: A total of 13 homes were sold or pending in Belmont in May 2024, up by 18.2% month-over-month. Of the 13 sold homes, 31% were sold under asking, 23% were sold at asking, and 46% were sold over asking.
Days on Market for Belmont, MI
How long does it take to sell a home in Belmont, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 26 Days | 41 Days | +58.9% |
Summary: Homes in Belmont had an average of 41 days on market in May 2024, up by 58.9% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Belmont are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 13 homes were sold in Belmont; 69% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
