Is Belleville, 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, Belleville has remained a Seller's Market.
Key Takeaway
Belleville is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Belleville, MI
How much do homes in Belleville, MI cost?
Median Sold Price
$253,000
$168/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Belleville have sold for 4.5% less than they did a year ago.
Summary: The median home sold price in Belleville was $253,000 in May 2024, down 4.5% 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 | $124.9K | $135K | +8.1% |
| 2 Bedrooms | $114K | $172K | +50.9% |
| 3 Bedrooms | $260K | $260K | 0.0% |
| 4 Bedrooms | $340K | $278.2K | -18.2% |
| 5+ Bedrooms | $337.5K | $427K | +26.5% |
Summary: Belleville housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.1%, 2 bedroom homes increased by 50.9%, 3 bedroom homes did not change, 4 bedroom homes decreased by 18.2%, and 5+ bedroom homes increased by 26.5%.
Median Sold Price Compared To Nearby Cities
| Belleville | $265K | $253K | -4.5% |
| Van Buren Charter Township | $299.3K | $268K | -10.5% |
Housing Supply in Belleville, MI
How many homes are available in Belleville, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 39 | 36 | -7.7% |
Summary: The Belleville real estate market had 36 homes for sale in May 2024, a 7.7% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 3 | 2 | -33.3% |
| 3 Bedrooms | 22 | 16 | -27.3% |
| 4 Bedrooms | 10 | 14 | +40.0% |
| 5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The Belleville housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 33.3%, 3 bedroom homes decreased by 27.3%, 4 bedroom homes increased by 40%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 13 | 12 | -7.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Belleville, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Belleville in May 2024, down by 7.7% month-over-month. Of the 12 sold homes, 33% were sold under asking, 17% were sold at asking, and 50% were sold over asking.
Days on Market for Belleville, MI
How long does it take to sell a home in Belleville, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 37 Days | 33 Days | -11.9% |
Summary: Homes in Belleville had an average of 33 days on market in May 2024, down by 11.9% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Belleville are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 12 homes were sold in Belleville; 83% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
