Is Alger, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Alger is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, Alger has remained a Seller's Market.

Key Takeaway

Alger is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Alger, MI

How much do homes in Alger, MI cost?

Median Sold Price

$122,700

$117/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$12,700(+11.5%)

Key Takeaway

Homes in Alger have sold for 11.5% more than they did a year ago.

Summary: The median home sold price in Alger was $122,700 in October 2024, up 11.5% from last year, and the median price per square foot was $117.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$100K
N/A
2 $94K$113.5K
+20.7%
3 $120K$205K
+70.8%
4 $175K$365K
+108.6%
5+ --
N/A

Summary: Alger housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 20.7%, 3 bedroom homes increased by 70.8%, 4 bedroom homes increased by 108.6%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Horton Township
+19.0%
Alger
+11.5%

Housing Supply in Alger, MI

How many homes are available in Alger, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3428-17.6%

Summary: The Alger real estate market had 28 homes for sale in October 2024, a 17.6% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 22
0.0%
2 1210
-16.7%
3 1310
-23.1%
4 54
-20.0%
5+ 22
0.0%

Summary: The Alger housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 16.7%, 3 bedroom homes decreased by 23.1%, 4 bedroom homes decreased by 20%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
770.0%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Alger, you may be able to get a good deal. 85.7% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Alger in October 2024, the same as the previous month. Of the 7 sold homes, 86% were sold under asking, 0% were sold at asking, and 14% were sold over asking.

Days on Market for Alger, MI

How long does it take to sell a home in Alger, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
72 Days50 Days-29.4%

Summary: Homes in Alger had an average of 50 days on market in Oct 2024, down by 29.4% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Alger are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 7 homes were sold in Alger; 29% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 17 Days Ago

Newest Listings in Alger, MI

Nearby Markets to Alger, MI

What housing markets are near Alger, MI?