Is Muskegon, 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, Muskegon has remained a Seller's Market.
Key Takeaway
Muskegon is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Muskegon, MI
How much do homes in Muskegon, MI cost?
Median Sold Price
$183,630
$156/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Muskegon have sold for 8.4% more than they did a year ago.
Summary: The median home sold price in Muskegon was $183,630 in May 2024, up 8.4% from last year, and the median price per square foot was $156.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $115K | $95.9K | -16.6% |
| 2 Bedrooms | $124.9K | $140K | +12.0% |
| 3 Bedrooms | $183.4K | $200.1K | +9.1% |
| 4 Bedrooms | $220K | $247.4K | +12.5% |
| 5+ Bedrooms | $254.9K | $318K | +24.7% |
Summary: Muskegon housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 16.6%, 2 bedroom homes increased by 12%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 24.7%.
Median Sold Price Compared To Nearby Cities
| Muskegon Heights | $59.9K | $81.2K | +35.6% |
| North Muskegon | $247K | $286K | +15.8% |
| Norton Shores | $234.9K | $260K | +10.7% |
| Muskegon Charter Township | $169.9K | $184.9K | +8.8% |
| Muskegon | $169.3K | $183.6K | +8.4% |
Housing Supply in Muskegon, MI
How many homes are available in Muskegon, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 400 | 398 | -0.5% |
Summary: The Muskegon real estate market had 398 homes for sale in May 2024, a 0.5% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 8 | -20.0% |
| 2 Bedrooms | 104 | 116 | +11.5% |
| 3 Bedrooms | 196 | 183 | -6.6% |
| 4 Bedrooms | 73 | 77 | +5.5% |
| 5+ Bedrooms | 17 | 14 | -17.6% |
Summary: The Muskegon housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes increased by 11.5%, 3 bedroom homes decreased by 6.6%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes decreased by 17.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 121 | 111 | -8.3% |
Asking Price vs. Sold Price
33 Homes Were Sold
Under Asking
32 Homes Were Sold
At Asking
46 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Muskegon, you could pay more than the asking price. 41.4% of homes here sold above asking price last month.
Summary: A total of 111 homes were sold or pending in Muskegon in May 2024, down by 8.3% month-over-month. Of the 111 sold homes, 30% were sold under asking, 29% were sold at asking, and 41% were sold over asking.
Days on Market for Muskegon, MI
How long does it take to sell a home in Muskegon, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 30 Days | 24 Days | -19.8% |
Summary: Homes in Muskegon had an average of 24 days on market in May 2024, down by 19.8% compared to last year.
Breakdown of Home Sale Times
84 Homes Were Sold
Under 30 Days
22 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Muskegon are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 111 homes were sold in Muskegon; 76% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.