Is Merrill, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Merrill has remained a Seller's Market.
Key Takeaway
Merrill is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Merrill, MI
How much do homes in Merrill, MI cost?
Median Sold Price
$162,000
$113/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Merrill have sold for 6.2% more than they did a year ago.
Summary: The median home sold price in Merrill was $162,000 in May 2024, up 6.2% from last year, and the median price per square foot was $113.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $158.5K | N/A |
| 2 Bedrooms | $300K | $80.5K | -73.2% |
| 3 Bedrooms | $174.9K | $175K | 0.1% |
| 4 Bedrooms | $152K | $277.5K | +82.6% |
| 5+ Bedrooms | $134.9K | $165.5K | +22.7% |
Summary: Merrill housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 73.2%, 3 bedroom homes increased by 0.1%, 4 bedroom homes increased by 82.6%, and 5+ bedroom homes increased by 22.7%.
Median Sold Price Compared To Nearby Cities
| Merrill | $152.5K | $162K | +6.2% |
| Jonesfield Township | $152K | $150K | -1.3% |
Housing Supply in Merrill, MI
How many homes are available in Merrill, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 14 | 9 | -35.7% |
Summary: The Merrill real estate market had 9 homes for sale in May 2024, a 35.7% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 2 | 1 | -50.0% |
| 3 Bedrooms | 9 | 7 | -22.2% |
| 4 Bedrooms | 2 | 1 | -50.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Merrill housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 50%, 3 bedroom homes decreased by 22.2%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 2 | -60.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Merrill, 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 Merrill in May 2024, down by 60.0% 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 Merrill, MI
How long does it take to sell a home in Merrill, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 82 Days | 10 Days | -87.9% |
Summary: Homes in Merrill had an average of 10 days on market in May 2024, down by 87.9% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Merrill are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 2 homes were sold in Merrill; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
