Is Big Rapids, 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, Big Rapids was a Seller's Market.
Housing Prices in Big Rapids, MI
How much do homes in Big Rapids, MI cost?
Median Sold Price
$205,000
$140/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Big Rapids was $205,000 in May 2024, up 10.8% from last year, and the median price per square foot was $140.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $109.2K | $137.5K | +25.9% |
2 Bedrooms | $145K | $172.5K | +19.0% |
3 Bedrooms | $179.5K | $198.9K | +10.8% |
4 Bedrooms | $245K | $214.5K | -12.4% |
5+ Bedrooms | $235K | $289K | +23.0% |
Summary: Big Rapids housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25.9%, 2 bedroom homes increased by 19%, 3 bedroom homes increased by 10.8%, 4 bedroom homes decreased by 12.4%, and 5+ bedroom homes increased by 23%.
Median Sold Price Compared To Nearby Cities
Big Rapids | $185K | $205K | +10.8% |
Big Rapids Charter Township | $185K | $205K | +10.8% |
Housing Supply in Big Rapids, MI
How many homes are available in Big Rapids, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
73 | 72 | -1.4% |
Summary: The Big Rapids real estate market had 72 homes for sale in May 2024, a 1.4% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 8 | 12 | +50.0% |
3 Bedrooms | 30 | 27 | -10.0% |
4 Bedrooms | 21 | 15 | -28.6% |
5+ Bedrooms | 13 | 17 | +30.8% |
Summary: The Big Rapids 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 increased by 50%, 3 bedroom homes decreased by 10%, 4 bedroom homes decreased by 28.6%, and 5+ bedroom homes increased by 30.8%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
23 | 10 | -56.5% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 10 homes were sold or pending in Big Rapids in May 2024, down by 56.5% month-over-month. Of the 10 sold homes, 30% were sold under asking, 20% were sold at asking, and 50% were sold over asking.
Days on Market for Big Rapids, MI
How long does it take to sell a home in Big Rapids, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
45 Days | 24 Days | -45.7% |
Summary: Homes in Big Rapids had an average of 24 days on market in May 2024, down by 45.7% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 10 homes were sold in Big Rapids; 80% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.