$4,501 Closing Credit*
$379,000
1,988 SqFt
4 Beds
•2 Full Baths
Elaine Michalski, Listing Office: Key Realty One LLC in Monroe
Is Erie, 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, Erie has remained a Seller's Market.
Key Takeaway
Erie is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Erie, MI
How much do homes in Erie, MI cost?
Median Sold Price
$202,500
$156/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$12,000(+6.3%)
Key Takeaway
Homes in Erie have sold for 6.3% more than they did a year ago.
Summary: The median home sold price in Erie was $202,500 in October 2024, up 6.3% from last year, and the median price per square foot was $156.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $185K | $163K | -11.9% |
| 2 Bedrooms | $149.9K | $142.2K | -5.1% |
| 3 Bedrooms | $180K | $209.9K | +16.6% |
| 4 Bedrooms | $300K | $230K | -23.3% |
| 5+ Bedrooms | - | - | N/A |
Summary: Erie housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 11.9%, 2 bedroom homes decreased by 5.1%, 3 bedroom homes increased by 16.6%, 4 bedroom homes decreased by 23.3%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Erie | $190.5K | $202.5K | +6.3% |
| Luna Pier | $160.5K | $169K | +5.3% |
| Temperance | $250K | $260K | +4.0% |
| Erie Township | $190.5K | $194.9K | +2.3% |
Housing Supply in Erie, MI
How many homes are available in Erie, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 14 | 11 | -21.4% |
Summary: The Erie real estate market had 11 homes for sale in October 2024, a 21.4% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 3 | 0.0% |
| 3 Bedrooms | 9 | 8 | -11.1% |
| 4 Bedrooms | 2 | 0 | -100.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Erie housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 11.1%, 4 bedroom homes decreased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 6 | 4 | -33.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Erie, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Erie in October 2024, down by 33.3% month-over-month. Of the 4 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.
Days on Market for Erie, MI
How long does it take to sell a home in Erie, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 44 Days | 34 Days | -21.9% |
Summary: Homes in Erie had an average of 34 days on market in Oct 2024, down by 21.9% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Erie has remained consistent over time.
Summary: During October 2024, 4 homes were sold in Erie; 25% of homes were sold within 30 days, 75% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
