$4,097 Closing Credit*
$345,000
1,406 SqFt
2 Beds
•2 Full Baths, 1 Partial
Regina Gilliam, Listing Office: National Realty Centers, Inc
Is Downtown, 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, 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
$305,333
$247/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$23,666(-7.2%)
Key Takeaway
Homes in Downtown have sold for 7.2% less than they did a year ago.
Summary: The median home sold price in Downtown was $305,333 in November 2024, down 7.2% from last year, and the median price per square foot was $247.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $260K | $213.2K | -18.0% |
| 2 Bedrooms | $365K | $355K | -2.7% |
| 3 Bedrooms | $360K | $434.7K | +20.8% |
| 4 Bedrooms | $319K | $299K | -6.3% |
| 5+ Bedrooms | $337.5K | $247K | -26.8% |
Summary: Downtown housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 18%, 2 bedroom homes decreased by 2.7%, 3 bedroom homes increased by 20.8%, 4 bedroom homes decreased by 6.3%, and 5+ bedroom homes decreased by 26.8%.
Median Sold Price Compared To Nearby Neighborhoods
| Downtown | $329K | $305.3K | -7.2% |
| Lafayette Park | $203K | $116.2K | -42.7% |
Housing Supply in Downtown, MI
How many homes are available in Downtown, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 207 | 210 | +1.4% |
Summary: The Downtown real estate market had 210 homes for sale in November 2024, a 1.4% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 47 | 52 | +10.6% |
| 2 Bedrooms | 88 | 91 | +3.4% |
| 3 Bedrooms | 46 | 44 | -4.3% |
| 4 Bedrooms | 20 | 16 | -20.0% |
| 5+ Bedrooms | 6 | 7 | +16.7% |
Summary: The Downtown housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.6%, 2 bedroom homes increased by 3.4%, 3 bedroom homes decreased by 4.3%, 4 bedroom homes decreased by 20%, and 5+ bedroom homes increased by 16.7%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 20 | 19 | -5.0% |
Asking Price vs. Sold Price
16 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 Downtown, you may be able to get a good deal. 84.2% of homes here sold below asking price last month.
Summary: A total of 19 homes were sold or pending in Downtown in November 2024, down by 5.0% month-over-month. Of the 19 sold homes, 84% were sold under asking, 11% were sold at asking, and 5% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 122 Days | 54 Days | -55.5% |
Summary: Homes in Downtown had an average of 54 days on market in Nov 2024, down by 55.5% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
4 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 November 2024, 19 homes were sold in Downtown; 42% of homes were sold within 30 days, 37% of homes were sold within 30 to 90 days, and 21% 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.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.