Is Luther, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Luther is a buyer's market

Buyer's
Market

Difference Since Last Month

Last month, Luther was a Neutral 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

$84,000

$125/sqft

Based on all homes sold in September 2024.

Difference Since Last Month

-$64,000(-43.2%)

Key Takeaway

Homes in Luther have sold for 43.2% less than they did a month ago.

Summary: The median home sold price in Luther was $84,000 in September 2024, down 43.2% from last month, and the median price per square foot was $125.

Median Sold Price By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 -$58K
N/A
2 $148K$110K
-25.7%
3 --
N/A
4 --
N/A
5+ --
N/A

Summary: Luther housing prices by bedroom type for September 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 25.7%, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Newkirk Township
+13.5%
Luther
-43.2%

Housing Supply in Luther, MI

How many homes are available in Luther, MI?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
21210.0%

Summary: The Luther real estate market had 21 homes for sale in September 2024, the same as August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 22
0.0%
2 86
-25.0%
3 1012
+20.0%
4 11
0.0%
5+ 00
0.0%

Summary: The Luther housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 25%, 3 bedroom homes increased by 20%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
32-33.3%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Luther, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 2 homes were sold or pending in Luther in September 2024, down by 33.3% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% 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

Aug 2024Sep 2024CHANGE
235 Days49 Days-79.2%

Summary: Homes in Luther had an average of 49 days on market in Sep 2024, down by 79.2% compared to last month.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Luther has remained consistent over time.

Summary: During September 2024, 2 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.

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

Report Updated 30 Days Ago

Newest Listings in Luther, MI

Nearby Markets to Luther, MI

What housing markets are near Luther, MI?