Is Gogebic County, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Gogebic County is a seller's market

Buyer's
Market

Difference Since Last Month

Since last month, Gogebic County has remained a Seller's Market.

Key Takeaway

Gogebic County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Gogebic County, MI

How much do homes in Gogebic County, MI cost?

Median Sold Price

$124,900

$109/sqft

Based on all homes sold in October 2024.

Difference Since Last Month

+$8,900(+7.7%)

Key Takeaway

Homes in Gogebic County have sold for 7.7% more than they did a month ago.

Summary: The median home sold price in Gogebic County was $124,900 in October 2024, up 7.7% from last month, and the median price per square foot was $109.

Median Sold Price By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 -$55K
N/A
2 $80K$213.2K
+166.6%
3 $168.9K$124.9K
-26.1%
4 $200K$126K
-37.0%
5+ -$425K
N/A

Summary: Gogebic County housing prices by bedroom type for October 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 166.6%, 3 bedroom homes decreased by 26.1%, 4 bedroom homes decreased by 37%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Counties

Vilas County
+63.3%
Gogebic County
+7.7%
Iron County
+4.7%
Iron County
-8.8%
Ontonagon County
-15.3%

Housing Supply in Gogebic County, MI

How many homes are available in Gogebic County, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
8992+3.4%

Summary: The Gogebic County real estate market had 92 homes for sale in October 2024, a 3.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 25
+150.0%
2 2020
0.0%
3 4544
-2.2%
4 1313
0.0%
5+ 910
+11.1%

Summary: The Gogebic County housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 150%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 2.2%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 11.1%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1917-10.5%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Gogebic County, you may be able to get a good deal. 70.6% of homes here sold below asking price last month.

Summary: A total of 17 homes were sold or pending in Gogebic County in October 2024, down by 10.5% month-over-month. Of the 17 sold homes, 71% were sold under asking, 24% were sold at asking, and 6% were sold over asking.

Days on Market for Gogebic County, MI

How long does it take to sell a home in Gogebic County, MI?

Average Sale Time

Sep 2024Oct 2024CHANGE
48 Days45 Days-6.0%

Summary: Homes in Gogebic County had an average of 45 days on market in Oct 2024, down by 6% compared to last month.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Gogebic County are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 17 homes were sold in Gogebic County; 59% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 24% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 20 Days Ago

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