Is Pontiac, 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, Pontiac has remained a Seller's Market.
Key Takeaway
Pontiac is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Pontiac, MI
How much do homes in Pontiac, MI cost?
Median Sold Price
$134,595
$118/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Pontiac have sold for 7.7% more than they did a year ago.
Summary: The median home sold price in Pontiac was $134,595 in May 2024, up 7.7% from last year, and the median price per square foot was $118.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $42.2K | $182.5K | +332.0% |
| 2 Bedrooms | $85K | $100K | +17.6% |
| 3 Bedrooms | $130K | $138.5K | +6.5% |
| 4 Bedrooms | $210K | $227.7K | +8.5% |
| 5+ Bedrooms | $245.9K | $270.9K | +10.2% |
Summary: Pontiac housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 332%, 2 bedroom homes increased by 17.6%, 3 bedroom homes increased by 6.5%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes increased by 10.2%.
Median Sold Price Compared To Nearby Cities
| Pontiac | $125K | $134.5K | +7.7% |
| Auburn Hills | $255K | $270K | +5.9% |
| Waterford Charter Township | $242.8K | $254.8K | +4.9% |
| Sylvan Lake | $360K | $278.5K | -22.6% |
Housing Supply in Pontiac, MI
How many homes are available in Pontiac, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 153 | 148 | -3.3% |
Summary: The Pontiac real estate market had 148 homes for sale in May 2024, a 3.3% decrease 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 | 36 | 39 | +8.3% |
| 3 Bedrooms | 85 | 83 | -2.4% |
| 4 Bedrooms | 29 | 25 | -13.8% |
| 5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Pontiac 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 increased by 8.3%, 3 bedroom homes decreased by 2.4%, 4 bedroom homes decreased by 13.8%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 41 | 28 | -31.7% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Pontiac, you could pay more than the asking price. 39.3% of homes here sold above asking price last month.
Summary: A total of 28 homes were sold or pending in Pontiac in May 2024, down by 31.7% month-over-month. Of the 28 sold homes, 36% were sold under asking, 25% were sold at asking, and 39% were sold over asking.
Days on Market for Pontiac, MI
How long does it take to sell a home in Pontiac, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 44 Days | 25 Days | -43.8% |
Summary: Homes in Pontiac had an average of 25 days on market in May 2024, down by 43.8% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Pontiac are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 28 homes were sold in Pontiac; 71% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.