Is Monroe County, 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, Monroe County has remained a Seller's Market.
Housing Prices in Monroe County, MI
How much do homes in Monroe County, MI cost?
Median Sold Price
$240,000
$157/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Monroe County was $240,000 in May 2024, up 4.4% from last year, and the median price per square foot was $157.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $85K | $104K | +22.4% |
2 Bedrooms | $154.8K | $163.5K | +5.6% |
3 Bedrooms | $225.1K | $239.2K | +6.3% |
4 Bedrooms | $300K | $311.5K | +3.9% |
5+ Bedrooms | $300K | $320K | +6.7% |
Summary: Monroe County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.4%, 2 bedroom homes increased by 5.6%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes increased by 6.7%.
Median Sold Price Compared To Nearby Counties
Washtenaw County | $368.9K | $393.8K | +6.8% |
Lucas County | $150.1K | $159.9K | +6.6% |
Monroe County | $229.9K | $240K | +4.4% |
Wayne County | $179.1K | $184.9K | +3.2% |
Housing Supply in Monroe County, MI
How many homes are available in Monroe County, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
443 | 435 | -1.8% |
Summary: The Monroe County real estate market had 435 homes for sale in May 2024, a 1.8% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 3 | +50.0% |
2 Bedrooms | 65 | 62 | -4.6% |
3 Bedrooms | 249 | 232 | -6.8% |
4 Bedrooms | 102 | 114 | +11.8% |
5+ Bedrooms | 25 | 24 | -4.0% |
Summary: The Monroe County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 4.6%, 3 bedroom homes decreased by 6.8%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes decreased by 4%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
149 | 131 | -12.1% |
Asking Price vs. Sold Price
46 Homes Were Sold
Under Asking
21 Homes Were Sold
At Asking
64 Homes Were Sold
Over Asking
Summary: A total of 131 homes were sold or pending in Monroe County in May 2024, down by 12.1% month-over-month. Of the 131 sold homes, 35% were sold under asking, 16% were sold at asking, and 49% were sold over asking.
Days on Market for Monroe County, MI
How long does it take to sell a home in Monroe County, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
30 Days | 40 Days | +32.9% |
Summary: Homes in Monroe County had an average of 40 days on market in May 2024, up by 32.9% compared to last year.
Breakdown of Home Sale Times
88 Homes Were Sold
Under 30 Days
28 Homes Were Sold
In 30 - 90 Days
15 Homes Were Sold
Over 90 Days
Summary: During May 2024, 131 homes were sold in Monroe County; 67% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.