$10,000 Closing Credit*
$1,799,000
7,500 SqFt
4 Full Baths
Jan Dijkers, Listing Office: Berkshire Hathaway HomeServices The Loft Warehouse
Is Downtown, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Downtown was a Neutral Market.
Key Takeaway
Downtown is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Downtown, MI
How much do homes in Downtown, MI cost?
Median Sold Price
$297,500
$247/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$7,500(-2.5%)
Key Takeaway
Homes in Downtown have sold for 2.5% less than they did a year ago.
Summary: The median home sold price in Downtown was $297,500 in October 2024, down 2.5% from last year, and the median price per square foot was $247.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $252K | $211.5K | -16.1% |
| 2 Bedrooms | $352.5K | $352.5K | 0.0% |
| 3 Bedrooms | $340K | $424.7K | +24.9% |
| 4 Bedrooms | $299.5K | $224.5K | -25.0% |
| 5+ Bedrooms | $337.5K | $300K | -11.1% |
Summary: Downtown housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 16.1%, 2 bedroom homes did not change, 3 bedroom homes increased by 24.9%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes decreased by 11.1%.
Median Sold Price Compared To Nearby Neighborhoods
| Downtown | $305K | $297.5K | -2.5% |
| Lafayette Park | $210.5K | $110K | -47.7% |
Housing Supply in Downtown, MI
How many homes are available in Downtown, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 189 | 210 | +11.1% |
Summary: The Downtown real estate market had 210 homes for sale in October 2024, a 11.1% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 46 | 54 | +17.4% |
| 2 Bedrooms | 75 | 85 | +13.3% |
| 3 Bedrooms | 43 | 46 | +7.0% |
| 4 Bedrooms | 20 | 20 | 0.0% |
| 5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The Downtown housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 17.4%, 2 bedroom homes increased by 13.3%, 3 bedroom homes increased by 7%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 18 | 16 | -11.1% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Downtown, you may be able to get a good deal. 81.3% of homes here sold below asking price last month.
Summary: A total of 16 homes were sold or pending in Downtown in October 2024, down by 11.1% month-over-month. Of the 16 sold homes, 81% were sold under asking, 19% were sold at asking, and 0% were sold over asking.
Days on Market for Downtown, MI
How long does it take to sell a home in Downtown, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 145 Days | 71 Days | -50.6% |
Summary: Homes in Downtown had an average of 71 days on market in Oct 2024, down by 50.6% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Downtown are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 16 homes were sold in Downtown; 38% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 38% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.