Is Gibraltar, 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, Gibraltar has remained a Seller's Market.
Key Takeaway
Gibraltar is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Gibraltar, MI
How much do homes in Gibraltar, MI cost?
Median Sold Price
$227,500
$163/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Gibraltar have sold for 15.8% more than they did a year ago.
Summary: The median home sold price in Gibraltar was $227,500 in May 2024, up 15.8% from last year, and the median price per square foot was $163.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $155K | $166K | +7.1% |
| 3 Bedrooms | $195K | $239.9K | +23.1% |
| 4 Bedrooms | $354.9K | $255.5K | -28.0% |
| 5+ Bedrooms | - | $600K | N/A |
Summary: Gibraltar 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 7.1%, 3 bedroom homes increased by 23.1%, 4 bedroom homes decreased by 28%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Gibraltar | $196.5K | $227.5K | +15.8% |
| Brownstown Charter Township | $269.2K | $303K | +12.5% |
| Grosse Ile Township | $351.5K | $368K | +4.7% |
| Grosse Ile | $351.5K | $368K | +4.7% |
| Trenton | $219.9K | $225K | +2.3% |
Housing Supply in Gibraltar, MI
How many homes are available in Gibraltar, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 13 | 19 | +46.2% |
Summary: The Gibraltar real estate market had 19 homes for sale in May 2024, a 46.2% 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 | 4 | 6 | +50.0% |
| 3 Bedrooms | 8 | 11 | +37.5% |
| 4 Bedrooms | 1 | 1 | 0.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Gibraltar 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 50%, 3 bedroom homes increased by 37.5%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 5 | +66.7% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Gibraltar, you could pay more than the asking price. 80% of homes here sold above asking price last month.
Summary: A total of 5 homes were sold or pending in Gibraltar in May 2024, up by 66.7% month-over-month. Of the 5 sold homes, 0% were sold under asking, 20% were sold at asking, and 80% were sold over asking.
Days on Market for Gibraltar, MI
How long does it take to sell a home in Gibraltar, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 33 Days | +52.3% |
Summary: Homes in Gibraltar had an average of 33 days on market in May 2024, up by 52.3% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Gibraltar are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 5 homes were sold in Gibraltar; 80% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
