$2,898 Closing Credit*
$244,000
2,100 SqFt
3 Beds
•1 Full Bath, 1 Partial
James Tumey, Listing Office: OConnor Realty Detroit, LLC
Is Lower East Central, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Lower East Central was a Seller's Market.
Key Takeaway
Lower East Central is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lower East Central, MI
How much do homes in Lower East Central, MI cost?
Median Sold Price
$127,500
$113/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$48,000(-27.4%)
Key Takeaway
Homes in Lower East Central have sold for 27.4% less than they did a year ago.
Summary: The median home sold price in Lower East Central was $127,500 in November 2024, down 27.4% from last year, and the median price per square foot was $113.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $74.7K | $90K | +20.4% |
| 2 Bedrooms | $157.5K | $116.2K | -26.2% |
| 3 Bedrooms | $240K | $255K | +6.3% |
| 4 Bedrooms | $347.5K | $139K | -60.0% |
| 5+ Bedrooms | - | $178K | N/A |
Summary: Lower East Central housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20.4%, 2 bedroom homes decreased by 26.2%, 3 bedroom homes increased by 6.3%, 4 bedroom homes decreased by 60%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Elmwood | $175.5K | $188.5K | +7.4% |
| Lower East Central | $175.5K | $127.5K | -27.4% |
| Lafayette Park | $203K | $116.2K | -42.7% |
Housing Supply in Lower East Central, MI
How many homes are available in Lower East Central, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 49 | 48 | -2.0% |
Summary: The Lower East Central real estate market had 48 homes for sale in November 2024, a 2.0% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 13 | 15 | +15.4% |
| 2 Bedrooms | 22 | 22 | 0.0% |
| 3 Bedrooms | 9 | 7 | -22.2% |
| 4 Bedrooms | 5 | 4 | -20.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Lower East Central housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 15.4%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 22.2%, 4 bedroom homes decreased by 20%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 4 | 4 | 0.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lower East Central, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Lower East Central in November 2024, the same as the previous month. Of the 4 sold homes, 75% were sold under asking, 25% were sold at asking, and 0% were sold over asking.
Days on Market for Lower East Central, MI
How long does it take to sell a home in Lower East Central, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 113 Days | 76 Days | -32.5% |
Summary: Homes in Lower East Central had an average of 76 days on market in Nov 2024, down by 32.5% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Lower East Central has remained consistent over time.
Summary: During November 2024, 4 homes were sold in Lower East Central; 25% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
