Is Buchanan, 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, Buchanan has remained a Seller's Market.
Housing Prices in Buchanan, MI
How much do homes in Buchanan, MI cost?
Median Sold Price
$225,000
$162/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Buchanan was $225,000 in May 2024, up 18.4% from last year, and the median price per square foot was $162.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $79K | - | N/A |
2 Bedrooms | $138K | $172.5K | +25.0% |
3 Bedrooms | $225K | $225.5K | 0.2% |
4 Bedrooms | $319K | $311.5K | -2.4% |
5+ Bedrooms | $248K | $245K | -1.2% |
Summary: Buchanan housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 0.2%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes decreased by 1.2%.
Median Sold Price Compared To Nearby Cities
Buchanan | $190K | $225K | +18.4% |
Buchanan Township | $193.9K | $227K | +17.0% |
Housing Supply in Buchanan, MI
How many homes are available in Buchanan, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
35 | 48 | +37.1% |
Summary: The Buchanan real estate market had 48 homes for sale in May 2024, a 37.1% 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 | 7 | 6 | -14.3% |
3 Bedrooms | 17 | 21 | +23.5% |
4 Bedrooms | 7 | 14 | +100.0% |
5+ Bedrooms | 4 | 7 | +75.0% |
Summary: The Buchanan 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 14.3%, 3 bedroom homes increased by 23.5%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 75%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
12 | 10 | -16.7% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 10 homes were sold or pending in Buchanan in May 2024, down by 16.7% month-over-month. Of the 10 sold homes, 30% were sold under asking, 60% were sold at asking, and 10% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
52 Days | 57 Days | +9.5% |
Summary: Homes in Buchanan had an average of 57 days on market in May 2024, up by 9.5% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 10 homes were sold in Buchanan; 50% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.