$2,464 Closing Credit*
$207,500
395 SqFt
Studio
•1 Full Bath
Elizabeth Brien, Listing Office: The Charles Reinhart Company
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 Buyer'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
$456,150
$493/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$89,850(-16.5%)
Key Takeaway
Homes in Downtown have sold for 16.5% less than they did a year ago.
Summary: The median home sold price in Downtown was $456,150 in November 2024, down 16.5% from last year, and the median price per square foot was $493.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $315K | $261.5K | -17.0% |
| 2 Bedrooms | $615K | $717.5K | +16.7% |
| 3 Bedrooms | $1.0M | $1.1M | +3.8% |
| 4 Bedrooms | - | $1.2M | N/A |
| 5+ Bedrooms | $970K | - | N/A |
Summary: Downtown housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 17%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 3.8%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Bach | $564K | $639.9K | +13.5% |
| Downtown | $546K | $456.1K | -16.5% |
Housing Supply in Downtown, MI
How many homes are available in Downtown, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 19 | 10 | -47.4% |
Summary: The Downtown real estate market had 10 homes for sale in November 2024, a 47.4% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 1 | -80.0% |
| 2 Bedrooms | 6 | 4 | -33.3% |
| 3 Bedrooms | 8 | 5 | -37.5% |
| 4 Bedrooms | 0 | 0 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Downtown housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 80%, 2 bedroom homes decreased by 33.3%, 3 bedroom homes decreased by 37.5%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 9 | 2 | -77.8% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was 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. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Downtown in November 2024, down by 77.8% month-over-month. Of the 2 sold homes, 50% were sold under asking, 50% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 37 Days | 47 Days | +28.4% |
Summary: Homes in Downtown had an average of 47 days on market in Nov 2024, up by 28.4% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 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 November 2024, 2 homes were sold in Downtown; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
