Is Gibraltar, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Gibraltar has remained a Seller's Market.
Key Takeaway
Gibraltar is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Gibraltar, MI
How much do homes in Gibraltar, MI cost?
Median Sold Price
$245,000
$169/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Gibraltar have sold for 28.9% more than they did a year ago.
Summary: The median home sold price in Gibraltar was $245,000 in April 2024, up 28.9% from last year, and the median price per square foot was $169.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $149K | $175K | +17.4% |
| 3 Bedrooms | $196.5K | $245K | +24.7% |
| 4 Bedrooms | $262.5K | $288K | +9.7% |
| 5+ Bedrooms | - | $600K | N/A |
Summary: Gibraltar housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 17.4%, 3 bedroom homes increased by 24.7%, 4 bedroom homes increased by 9.7%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Gibraltar | $190K | $245K | +28.9% |
| Brownstown Charter Township | $275.1K | $295K | +7.2% |
| Trenton | $215.7K | $225K | +4.3% |
| Grosse Ile Township | $365K | $350K | -4.1% |
| Grosse Ile | $365K | $350K | -4.1% |
Housing Supply in Gibraltar, MI
How many homes are available in Gibraltar, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 13 | 15 | +15.4% |
Summary: The Gibraltar real estate market had 15 homes for sale in April 2024, a 15.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 4 | 0.0% |
| 3 Bedrooms | 8 | 9 | +12.5% |
| 4 Bedrooms | 0 | 1 | +100.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Gibraltar housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 4 | 3 | -25.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Gibraltar, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 3 homes were sold or pending in Gibraltar in April 2024, down by 25.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market for Gibraltar, MI
How long does it take to sell a home in Gibraltar, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 106 Days | 8 Days | -92.5% |
Summary: Homes in Gibraltar had an average of 8 days on market in Apr 2024, down by 92.5% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Gibraltar are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 3 homes were sold in Gibraltar; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
