$1,186 Closing Credit*
$99,900
1,200 SqFt
2 Beds
•1 Full Bath
#50160960, JILL PONOZZO, Listing Office: STEPHENS REAL ESTATE-IRON RIVER
Is Iron River, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Iron River was a Neutral Market.
Key Takeaway
Iron River is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Iron River, MI
How much do homes in Iron River, MI cost?
Median Sold Price
$84,800
$73/sqft
Based on all homes sold in October 2024.
Difference Since Last Month
-$32,700(-27.8%)
Key Takeaway
Homes in Iron River have sold for 27.8% less than they did a month ago.
Summary: The median home sold price in Iron River was $84,800 in October 2024, down 27.8% from last month, and the median price per square foot was $73.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $48K | N/A |
| 2 Bedrooms | $59.9K | $67K | +11.9% |
| 3 Bedrooms | $193.7K | $136.2K | -29.7% |
| 4 Bedrooms | - | $568.2K | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Iron River 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 11.9%, 3 bedroom homes decreased by 29.7%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Caspian | $38K | $50.9K | +34.1% |
| Iron River | $117.5K | $84.8K | -27.8% |
Housing Supply in Iron River, MI
How many homes are available in Iron River, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 46 | 47 | +2.2% |
Summary: The Iron River real estate market had 47 homes for sale in October 2024, a 2.2% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 11 | 11 | 0.0% |
| 3 Bedrooms | 20 | 20 | 0.0% |
| 4 Bedrooms | 8 | 9 | +12.5% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Iron River 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 remained the same, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 7 | 13 | +85.7% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Iron River, you may be able to get a good deal. 76.9% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in Iron River in October 2024, up by 85.7% month-over-month. Of the 13 sold homes, 77% were sold under asking, 0% were sold at asking, and 23% were sold over asking.
Days on Market for Iron River, MI
How long does it take to sell a home in Iron River, MI?
Average Sale Time
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 40 Days | 32 Days | -18.5% |
Summary: Homes in Iron River had an average of 32 days on market in Oct 2024, down by 18.5% compared to last month.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Iron River are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 13 homes were sold in Iron River; 54% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.