$1,781 Closing Credit*
$150,000
1,248 SqFt
4 Beds
•2 Full Baths
Jeff Glover, Arshnoor Singh, Listing Office: KW Professionals
Is Morenci, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Morenci has remained a Seller's Market.
Key Takeaway
Morenci is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Morenci, MI
How much do homes in Morenci, MI cost?
Median Sold Price
$130,000
$97/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$7,000(+5.7%)
Key Takeaway
Homes in Morenci have sold for 5.7% more than they did a year ago.
Summary: The median home sold price in Morenci was $130,000 in October 2024, up 5.7% from last year, and the median price per square foot was $97.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $51.2K | $32K | -37.6% |
| 2 Bedrooms | $97.5K | $96.5K | -1.0% |
| 3 Bedrooms | $124K | $138K | +11.3% |
| 4 Bedrooms | $135K | $165K | +22.2% |
| 5+ Bedrooms | $170K | - | N/A |
Summary: Morenci housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 37.6%, 2 bedroom homes decreased by 1%, 3 bedroom homes increased by 11.3%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes did not change.
Housing Supply in Morenci, MI
How many homes are available in Morenci, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 21 | 24 | +14.3% |
Summary: The Morenci real estate market had 24 homes for sale in October 2024, a 14.3% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 3 | 2 | -33.3% |
| 3 Bedrooms | 13 | 15 | +15.4% |
| 4 Bedrooms | 2 | 3 | +50.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Morenci housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 33.3%, 3 bedroom homes increased by 15.4%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 2 | 9 | +350.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morenci, you could pay more than the asking price. 44.4% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in Morenci in October 2024, up by 350.0% month-over-month. Of the 9 sold homes, 33% were sold under asking, 22% were sold at asking, and 44% were sold over asking.
Days on Market for Morenci, MI
How long does it take to sell a home in Morenci, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 50 Days | 41 Days | -18.1% |
Summary: Homes in Morenci had an average of 41 days on market in Oct 2024, down by 18.1% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Morenci are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 9 homes were sold in Morenci; 44% of homes were sold within 30 days, 44% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
