$8,016 Closing Credit*
$675,000
2,000 SqFt
3 Beds
•1 Full Bath, 1 Partial
Jenni Johnson, Listing Office: City2Shore Real Estate Northern Michigan
Is Luther, 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, Luther was a Seller's Market.
Key Takeaway
Luther is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Luther, MI
How much do homes in Luther, MI cost?
Median Sold Price
$140,500
$123/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$1,950(-1.4%)
Key Takeaway
Homes in Luther have sold for 1.4% less than they did a year ago.
Summary: The median home sold price in Luther was $140,500 in November 2024, down 1.4% from last year, and the median price per square foot was $123.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $62.7K | $64.5K | +2.9% |
| 2 Bedrooms | $137.5K | $148K | +7.6% |
| 3 Bedrooms | $163.9K | $165K | +0.7% |
| 4 Bedrooms | $157.4K | $68.7K | -56.3% |
| 5+ Bedrooms | - | - | N/A |
Summary: Luther housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.9%, 2 bedroom homes increased by 7.6%, 3 bedroom homes increased by 0.7%, 4 bedroom homes decreased by 56.3%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Ellsworth Township | $239.2K | $262.5K | +9.7% |
| Luther | $142.4K | $140.5K | -1.4% |
Housing Supply in Luther, MI
How many homes are available in Luther, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 17 | 17 | 0.0% |
Summary: The Luther real estate market had 17 homes for sale in November 2024, the same as October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 3 | 4 | +33.3% |
| 3 Bedrooms | 10 | 8 | -20.0% |
| 4 Bedrooms | 3 | 3 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Luther housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 33.3%, 3 bedroom homes decreased by 20%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 1 | 1 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Luther, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in Luther in November 2024, the same as the previous month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Luther, MI
How long does it take to sell a home in Luther, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 48 Days | 56 Days | +16.2% |
Summary: Homes in Luther had an average of 56 days on market in Nov 2024, up by 16.2% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Luther has remained consistent over time.
Summary: During November 2024, 1 homes were sold in Luther; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
