Is Cheboygan County, 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, Cheboygan County was a Seller's Market.
Key Takeaway
Cheboygan County 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 Cheboygan County, MI
How much do homes in Cheboygan County, MI cost?
Median Sold Price
$240,000
$152/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Cheboygan County have sold for 20% more than they did a year ago.
Summary: The median home sold price in Cheboygan County was $240,000 in May 2024, up 20% from last year, and the median price per square foot was $152.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $172.4K | $175K | +1.5% |
| 2 Bedrooms | $170K | $185K | +8.8% |
| 3 Bedrooms | $202K | $230K | +13.9% |
| 4 Bedrooms | $221.7K | $340K | +53.3% |
| 5+ Bedrooms | $330K | $380K | +15.2% |
Summary: Cheboygan County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.5%, 2 bedroom homes increased by 8.8%, 3 bedroom homes increased by 13.9%, 4 bedroom homes increased by 53.3%, and 5+ bedroom homes increased by 15.2%.
Median Sold Price Compared To Nearby Counties
| Cheboygan County | $200K | $240K | +20.0% |
| Presque Isle County | $169.5K | $194.2K | +14.6% |
Housing Supply in Cheboygan County, MI
How many homes are available in Cheboygan County, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 117 | 146 | +24.8% |
Summary: The Cheboygan County real estate market had 146 homes for sale in May 2024, a 24.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 5 | -28.6% |
| 2 Bedrooms | 18 | 35 | +94.4% |
| 3 Bedrooms | 55 | 69 | +25.5% |
| 4 Bedrooms | 27 | 26 | -3.7% |
| 5+ Bedrooms | 10 | 11 | +10.0% |
Summary: The Cheboygan County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 28.6%, 2 bedroom homes increased by 94.4%, 3 bedroom homes increased by 25.5%, 4 bedroom homes decreased by 3.7%, and 5+ bedroom homes increased by 10%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 34 | 22 | -35.3% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cheboygan County, you may be able to get a good deal. 40.9% of homes here sold below asking price last month.
Summary: A total of 22 homes were sold or pending in Cheboygan County in May 2024, down by 35.3% month-over-month. Of the 22 sold homes, 41% were sold under asking, 23% were sold at asking, and 36% were sold over asking.
Days on Market for Cheboygan County, MI
How long does it take to sell a home in Cheboygan County, MI?
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Cheboygan County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 22 homes were sold in Cheboygan County; 9% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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