Is Algonac, 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, Algonac has remained a Seller's Market.
Key Takeaway
Algonac is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Algonac, MI
How much do homes in Algonac, MI cost?
Median Sold Price
$200,000
$139/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Algonac have sold for 13.3% more than they did a year ago.
Summary: The median home sold price in Algonac was $200,000 in May 2024, up 13.3% from last year, and the median price per square foot was $139.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $56.2K | $45K | -20.0% |
| 2 Bedrooms | $155K | $257.4K | +66.1% |
| 3 Bedrooms | $177.9K | $209.7K | +17.9% |
| 4 Bedrooms | $459K | $190K | -58.6% |
| 5+ Bedrooms | $475K | $392.5K | -17.4% |
Summary: Algonac housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 20%, 2 bedroom homes increased by 66.1%, 3 bedroom homes increased by 17.9%, 4 bedroom homes decreased by 58.6%, and 5+ bedroom homes decreased by 17.4%.
Median Sold Price Compared To Nearby Cities
| Algonac | $176.4K | $200K | +13.3% |
| Clay Township | $268.5K | $252.5K | -6.0% |
Housing Supply in Algonac, MI
How many homes are available in Algonac, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 19 | 23 | +21.1% |
Summary: The Algonac real estate market had 23 homes for sale in May 2024, a 21.1% 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 | 3 | 2 | -33.3% |
| 3 Bedrooms | 11 | 15 | +36.4% |
| 4 Bedrooms | 2 | 2 | 0.0% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Algonac 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 decreased by 33.3%, 3 bedroom homes increased by 36.4%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1 | 8 | +700.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Algonac, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Algonac in May 2024, up by 700.0% month-over-month. Of the 8 sold homes, 75% were sold under asking, 0% were sold at asking, and 25% were sold over asking.
Days on Market for Algonac, MI
How long does it take to sell a home in Algonac, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 72 Days | +234.9% |
Summary: Homes in Algonac had an average of 72 days on market in May 2024, up by 234.9% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Algonac are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 8 homes were sold in Algonac; 50% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.