$2,668 Closing Credit*
$224,700
828 SqFt
2 Beds
•1 Full Bath
Kyle I Zelmer, Listing Office: Horizon Realty Group
Is Buchanan, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Buchanan has remained a Seller'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
$241,500
$154/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$26,500(+12.3%)
Key Takeaway
Homes in Buchanan have sold for 12.3% more than they did a year ago.
Summary: The median home sold price in Buchanan was $241,500 in October 2024, up 12.3% from last year, and the median price per square foot was $154.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $79K | - | N/A |
| 2 Bedrooms | $152.5K | $184.7K | +21.1% |
| 3 Bedrooms | $224.4K | $226K | +0.7% |
| 4 Bedrooms | $459.9K | $295K | -35.9% |
| 5+ Bedrooms | $180K | $245K | +36.1% |
Summary: Buchanan 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 21.1%, 3 bedroom homes increased by 0.7%, 4 bedroom homes decreased by 35.9%, and 5+ bedroom homes increased by 36.1%.
Median Sold Price Compared To Nearby Cities
| Buchanan Township | $215K | $243K | +13.0% |
| Buchanan | $215K | $241.5K | +12.3% |
Housing Supply in Buchanan, MI
How many homes are available in Buchanan, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 38 | 44 | +15.8% |
Summary: The Buchanan real estate market had 44 homes for sale in October 2024, a 15.8% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 10 | 14 | +40.0% |
| 3 Bedrooms | 18 | 19 | +5.6% |
| 4 Bedrooms | 6 | 7 | +16.7% |
| 5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The Buchanan housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 40%, 3 bedroom homes increased by 5.6%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 10 | 9 | -10.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Buchanan, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Buchanan in October 2024, down by 10.0% month-over-month. Of the 9 sold homes, 67% were sold under asking, 22% were sold at asking, and 11% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 85 Days | 51 Days | -39.6% |
Summary: Homes in Buchanan had an average of 51 days on market in Oct 2024, down by 39.6% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Buchanan has remained consistent over time.
Summary: During October 2024, 9 homes were sold in Buchanan; 22% of homes were sold within 30 days, 56% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
