$3,468 Closing Credit*
$292,000
1,600 SqFt
3 Beds
•2 Full Baths, 2 Partial
Erica Ross, Listing Office: Front Page Properties
Is Lower East, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Lower East was a Seller's Market.
Key Takeaway
Lower East is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lower East, MI
How much do homes in Lower East, MI cost?
Median Sold Price
$107,200
$79/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$13,893(-11.5%)
Key Takeaway
Homes in Lower East have sold for 11.5% less than they did a year ago.
Summary: The median home sold price in Lower East was $107,200 in October 2024, down 11.5% from last year, and the median price per square foot was $79.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $98K | $83K | -15.3% |
| 2 Bedrooms | $67K | $100K | +49.3% |
| 3 Bedrooms | $118K | $96.5K | -18.2% |
| 4 Bedrooms | $144K | $121.8K | -15.4% |
| 5+ Bedrooms | $160K | $225K | +40.6% |
Summary: Lower East housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 15.3%, 2 bedroom homes increased by 49.3%, 3 bedroom homes decreased by 18.2%, 4 bedroom homes decreased by 15.4%, and 5+ bedroom homes increased by 40.6%.
Median Sold Price Compared To Nearby Neighborhoods
| East Riverside | $150K | $186.2K | +24.2% |
| Lower East | $121K | $107.2K | -11.5% |
Housing Supply in Lower East, MI
How many homes are available in Lower East, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 390 | 438 | +12.3% |
Summary: The Lower East real estate market had 438 homes for sale in October 2024, a 12.3% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 23 | 24 | +4.3% |
| 2 Bedrooms | 55 | 68 | +23.6% |
| 3 Bedrooms | 200 | 225 | +12.5% |
| 4 Bedrooms | 78 | 77 | -1.3% |
| 5+ Bedrooms | 34 | 44 | +29.4% |
Summary: The Lower East housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 4.3%, 2 bedroom homes increased by 23.6%, 3 bedroom homes increased by 12.5%, 4 bedroom homes decreased by 1.3%, and 5+ bedroom homes increased by 29.4%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 63 | 55 | -12.7% |
Asking Price vs. Sold Price
25 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lower East, you may be able to get a good deal. 45.5% of homes here sold below asking price last month.
Summary: A total of 55 homes were sold or pending in Lower East in October 2024, down by 12.7% month-over-month. Of the 55 sold homes, 45% were sold under asking, 20% were sold at asking, and 35% were sold over asking.
Days on Market for Lower East, MI
How long does it take to sell a home in Lower East, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 40 Days | 42 Days | +5.1% |
Summary: Homes in Lower East had an average of 42 days on market in Oct 2024, up by 5.1% compared to last year.
Breakdown of Home Sale Times
32 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lower East are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 55 homes were sold in Lower East; 58% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.