Is Dowagiac, 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, Dowagiac was a Seller's Market.
Key Takeaway
Dowagiac is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Dowagiac, MI
How much do homes in Dowagiac, MI cost?
Median Sold Price
$180,000
$129/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Dowagiac have sold for 6% more than they did a year ago.
Summary: The median home sold price in Dowagiac was $180,000 in May 2024, up 6% from last year, and the median price per square foot was $129.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $125K | - | N/A |
| 2 Bedrooms | $125K | $125K | 0.0% |
| 3 Bedrooms | $183.5K | $195K | +6.3% |
| 4 Bedrooms | $250K | $227.9K | -8.8% |
| 5+ Bedrooms | $275.9K | $267.5K | -3.1% |
Summary: Dowagiac 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 did not change, 3 bedroom homes increased by 6.3%, 4 bedroom homes decreased by 8.8%, and 5+ bedroom homes decreased by 3.1%.
Median Sold Price Compared To Nearby Cities
| Silver Creek Township | $310K | $360K | +16.1% |
| Wayne Township | $150K | $165K | +10.0% |
| LaGrange Township | $192.9K | $205K | +6.2% |
| Dowagiac | $169.7K | $180K | +6.0% |
| Pokagon Township | $213K | $189K | -11.3% |
Housing Supply in Dowagiac, MI
How many homes are available in Dowagiac, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 62 | 73 | +17.7% |
Summary: The Dowagiac real estate market had 73 homes for sale in May 2024, a 17.7% 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 | 13 | 21 | +61.5% |
| 3 Bedrooms | 30 | 26 | -13.3% |
| 4 Bedrooms | 13 | 17 | +30.8% |
| 5+ Bedrooms | 6 | 9 | +50.0% |
Summary: The Dowagiac 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 61.5%, 3 bedroom homes decreased by 13.3%, 4 bedroom homes increased by 30.8%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 9 | 11 | +22.2% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Dowagiac, you may be able to get a good deal. 45.5% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in Dowagiac in May 2024, up by 22.2% month-over-month. Of the 11 sold homes, 45% were sold under asking, 18% were sold at asking, and 36% were sold over asking.
Days on Market for Dowagiac, MI
How long does it take to sell a home in Dowagiac, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 35 Days | 34 Days | -4.4% |
Summary: Homes in Dowagiac had an average of 34 days on market in May 2024, down by 4.4% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Dowagiac are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 11 homes were sold in Dowagiac; 55% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.