$289,000
21.59 Acres
Land
Jade Smith, Listing Office: @properties Christie's International R.E.
Is Buchanan, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Buchanan was a Buyer's Market.
Key Takeaway
Buchanan is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Buchanan, MI
How much do homes in Buchanan, MI cost?
Median Sold Price
$239,900
$132/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$24,900(+11.6%)
Key Takeaway
Homes in Buchanan have sold for 11.6% more than they did a year ago.
Summary: The median home sold price in Buchanan was $239,900 in November 2024, up 11.6% from last year, and the median price per square foot was $132.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $80K | - | N/A |
| 2 Bedrooms | $155K | $182.2K | +17.6% |
| 3 Bedrooms | $224K | $218.5K | -2.5% |
| 4 Bedrooms | $443.9K | $295K | -33.6% |
| 5+ Bedrooms | $180K | $250K | +38.9% |
Summary: Buchanan housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 17.6%, 3 bedroom homes decreased by 2.5%, 4 bedroom homes decreased by 33.6%, and 5+ bedroom homes increased by 38.9%.
Median Sold Price Compared To Nearby Cities
| Buchanan | $215K | $239.9K | +11.6% |
| Buchanan Township | $215K | $239.9K | +11.6% |
Housing Supply in Buchanan, MI
How many homes are available in Buchanan, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 45 | 41 | -8.9% |
Summary: The Buchanan real estate market had 41 homes for sale in November 2024, a 8.9% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 15 | 14 | -6.7% |
| 3 Bedrooms | 20 | 18 | -10.0% |
| 4 Bedrooms | 6 | 5 | -16.7% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Buchanan housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 6.7%, 3 bedroom homes decreased by 10%, 4 bedroom homes decreased by 16.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 11 | 8 | -27.3% |
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 Buchanan, 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 Buchanan in November 2024, down by 27.3% 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 Buchanan, MI
How long does it take to sell a home in Buchanan, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 18 Days | 27 Days | +52.1% |
Summary: Homes in Buchanan had an average of 27 days on market in Nov 2024, up by 52.1% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Buchanan are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 8 homes were sold in Buchanan; 63% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
