Is Saranac, 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, Saranac was a Seller's Market.
Key Takeaway
Saranac is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Saranac, MI
How much do homes in Saranac, MI cost?
Median Sold Price
$259,950
$168/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Saranac have sold for 5.5% less than they did a year ago.
Summary: The median home sold price in Saranac was $259,950 in May 2024, down 5.5% from last year, and the median price per square foot was $168.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $349.9K | N/A |
| 2 Bedrooms | $210K | $171K | -18.6% |
| 3 Bedrooms | $275K | $251.5K | -8.5% |
| 4 Bedrooms | $341.2K | $300.5K | -11.9% |
| 5+ Bedrooms | $400K | $290K | -27.5% |
Summary: Saranac 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 18.6%, 3 bedroom homes decreased by 8.5%, 4 bedroom homes decreased by 11.9%, and 5+ bedroom homes decreased by 27.5%.
Median Sold Price Compared To Nearby Cities
| Boston Township | $275K | $305K | +10.9% |
| Saranac | $275K | $259.9K | -5.5% |
Housing Supply in Saranac, MI
How many homes are available in Saranac, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 10 | +42.9% |
Summary: The Saranac real estate market had 10 homes for sale in May 2024, a 42.9% 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 | 1 | 2 | +100.0% |
| 3 Bedrooms | 5 | 6 | +20.0% |
| 4 Bedrooms | 1 | 1 | 0.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Saranac 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 100%, 3 bedroom homes increased by 20%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 1 | -80.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Saranac, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 1 homes were sold or pending in Saranac in May 2024, down by 80.0% month-over-month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for Saranac, MI
How long does it take to sell a home in Saranac, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 7 Days | 5 Days | -28.6% |
Summary: Homes in Saranac had an average of 5 days on market in May 2024, down by 28.6% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Saranac are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 1 homes were sold in Saranac; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
