$125,000
2.35 Acres
Land
Rob Gow, Chris Pfauser, Listing Office: Berkshire Hathaway HomeServices Chicago
Is New Buffalo, 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, New Buffalo was a Seller's Market.
Key Takeaway
New Buffalo is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in New Buffalo, MI
How much do homes in New Buffalo, MI cost?
Median Sold Price
$635,000
$340/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$62,000(+10.8%)
Key Takeaway
Homes in New Buffalo have sold for 10.8% more than they did a year ago.
Summary: The median home sold price in New Buffalo was $635,000 in November 2024, up 10.8% from last year, and the median price per square foot was $340.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $332.2K | $429K | +29.1% |
| 2 Bedrooms | $370K | $393.7K | +6.4% |
| 3 Bedrooms | $500K | $510K | +2.0% |
| 4 Bedrooms | $650K | $910K | +40.0% |
| 5+ Bedrooms | $1.3M | $2.0M | +44.7% |
Summary: New Buffalo housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 29.1%, 2 bedroom homes increased by 6.4%, 3 bedroom homes increased by 2%, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 44.7%.
Median Sold Price Compared To Nearby Cities
| Union Pier | $765K | $940K | +22.9% |
| New Buffalo Township | $585K | $669K | +14.4% |
| New Buffalo | $573K | $635K | +10.8% |
Housing Supply in New Buffalo, MI
How many homes are available in New Buffalo, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 73 | 65 | -11.0% |
Summary: The New Buffalo real estate market had 65 homes for sale in November 2024, a 11.0% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 6 | 6 | 0.0% |
| 3 Bedrooms | 30 | 25 | -16.7% |
| 4 Bedrooms | 17 | 13 | -23.5% |
| 5+ Bedrooms | 19 | 20 | +5.3% |
Summary: The New Buffalo housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 16.7%, 4 bedroom homes decreased by 23.5%, and 5+ bedroom homes increased by 5.3%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 12 | 9 | -25.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in New Buffalo, you may be able to get a good deal. 77.8% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in New Buffalo in November 2024, down by 25.0% month-over-month. Of the 9 sold homes, 78% were sold under asking, 0% were sold at asking, and 22% were sold over asking.
Days on Market for New Buffalo, MI
How long does it take to sell a home in New Buffalo, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 17 Days | 64 Days | +278.9% |
Summary: Homes in New Buffalo had an average of 64 days on market in Nov 2024, up by 278.9% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in New Buffalo are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 9 homes were sold in New Buffalo; 56% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
