Is Lower East, 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, Lower East was a Seller's Market.
Key Takeaway
Lower East is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Lower East, MI
How much do homes in Lower East, MI cost?
Median Sold Price
$110,000
$80/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lower East have sold for 11.9% less than they did a year ago.
Summary: The median home sold price in Lower East was $110,000 in May 2024, down 11.9% from last year, and the median price per square foot was $80.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $59.5K | $59K | -0.8% |
| 2 Bedrooms | $91.5K | $100K | +9.3% |
| 3 Bedrooms | $118.7K | $105K | -11.6% |
| 4 Bedrooms | $149.9K | $110K | -26.6% |
| 5+ Bedrooms | $192.4K | $201.7K | +4.8% |
Summary: Lower East housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.8%, 2 bedroom homes increased by 9.3%, 3 bedroom homes decreased by 11.6%, 4 bedroom homes decreased by 26.6%, and 5+ bedroom homes increased by 4.8%.
Median Sold Price Compared To Nearby Neighborhoods
| Foch | $54K | $48.6K | -10.0% |
| East Riverside | $169.9K | $152.5K | -10.2% |
| Lower East | $124.9K | $110K | -11.9% |
Housing Supply in Lower East, MI
How many homes are available in Lower East, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 339 | 370 | +9.1% |
Summary: The Lower East real estate market had 370 homes for sale in May 2024, a 9.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 22 | 25 | +13.6% |
| 2 Bedrooms | 40 | 47 | +17.5% |
| 3 Bedrooms | 177 | 196 | +10.7% |
| 4 Bedrooms | 72 | 73 | +1.4% |
| 5+ Bedrooms | 28 | 29 | +3.6% |
Summary: The Lower East housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 13.6%, 2 bedroom homes increased by 17.5%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 1.4%, and 5+ bedroom homes increased by 3.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 52 | 59 | +13.5% |
Asking Price vs. Sold Price
32 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lower East, you may be able to get a good deal. 54.2% of homes here sold below asking price last month.
Summary: A total of 59 homes were sold or pending in Lower East in May 2024, up by 13.5% month-over-month. Of the 59 sold homes, 54% were sold under asking, 20% were sold at asking, and 25% were sold over asking.
Days on Market for Lower East, MI
How long does it take to sell a home in Lower East, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 54 Days | 52 Days | -2.8% |
Summary: Homes in Lower East had an average of 52 days on market in May 2024, down by 2.8% compared to last year.
Breakdown of Home Sale Times
30 Homes Were Sold
Under 30 Days
19 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lower East are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 59 homes were sold in Lower East; 51% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
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.