$2,599,900
5,363 SqFt
3 Beds
•5 Full Baths
Dylan Tent, Listing Office: Signature Sotheby's International Realty Nvl
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
Since last year, Downtown has remained a Seller's Market.
Key Takeaway
Downtown is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Downtown, MI
How much do homes in Downtown, MI cost?
Median Sold Price
$456,000
$494/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$89,500(-16.4%)
Key Takeaway
Homes in Downtown have sold for 16.4% less than they did a year ago.
Summary: The median home sold price in Downtown was $456,000 in October 2024, down 16.4% from last year, and the median price per square foot was $494.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $315K | $261.5K | -17.0% |
| 2 Bedrooms | $582.5K | $717.5K | +23.2% |
| 3 Bedrooms | $1.1M | $1.1M | -1.2% |
| 4 Bedrooms | - | $1.2M | N/A |
| 5+ Bedrooms | $970K | - | N/A |
Summary: Downtown housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 17%, 2 bedroom homes increased by 23.2%, 3 bedroom homes decreased by 1.2%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Bach | $566K | $629.9K | +11.3% |
| Central | $582.5K | $632.9K | +8.7% |
| Downtown | $545.5K | $456K | -16.4% |
Housing Supply in Downtown, MI
How many homes are available in Downtown, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 18 | 16 | -11.1% |
Summary: The Downtown real estate market had 16 homes for sale in October 2024, a 11.1% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 4 | -42.9% |
| 2 Bedrooms | 5 | 6 | +20.0% |
| 3 Bedrooms | 6 | 6 | 0.0% |
| 4 Bedrooms | 0 | 0 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Downtown housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 42.9%, 2 bedroom homes increased by 20%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 3 | 7 | +133.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
1 Home Was 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. 71.4% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in Downtown in October 2024, up by 133.3% month-over-month. Of the 7 sold homes, 71% were sold under asking, 14% were sold at asking, and 14% 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 |
|---|---|---|
| 58 Days | 38 Days | -34.5% |
Summary: Homes in Downtown had an average of 38 days on market in Oct 2024, down by 34.5% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Downtown has remained consistent over time.
Summary: During October 2024, 7 homes were sold in Downtown; 43% of homes were sold within 30 days, 57% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
