$3,266 Closing Credit*
$275,000
966 SqFt
2 Beds
•2 Full Baths
Michelle Stalmack, Listing Office: Real Estate One
Is South, 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, South has remained a Seller's Market.
Key Takeaway
South is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in South, MI
How much do homes in South, MI cost?
Median Sold Price
$341,000
$244/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$26,333(+8.4%)
Key Takeaway
Homes in South have sold for 8.4% more than they did a year ago.
Summary: The median home sold price in South was $341,000 in October 2024, up 8.4% from last year, and the median price per square foot was $244.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $172.2K | $174.5K | +1.3% |
| 2 Bedrooms | $225K | $261K | +16.0% |
| 3 Bedrooms | $330K | $350K | +6.1% |
| 4 Bedrooms | $520K | $555K | +6.7% |
| 5+ Bedrooms | $450.5K | $723.3K | +60.6% |
Summary: South housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.3%, 2 bedroom homes increased by 16%, 3 bedroom homes increased by 6.1%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes increased by 60.6%.
Median Sold Price Compared To Nearby Neighborhoods
| Georgetown | $273.5K | $305K | +11.5% |
| South | $314.6K | $341K | +8.4% |
Housing Supply in South, MI
How many homes are available in South, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 71 | 81 | +14.1% |
Summary: The South real estate market had 81 homes for sale in October 2024, a 14.1% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 4 | 0.0% |
| 2 Bedrooms | 24 | 29 | +20.8% |
| 3 Bedrooms | 29 | 36 | +24.1% |
| 4 Bedrooms | 13 | 10 | -23.1% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The South housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 20.8%, 3 bedroom homes increased by 24.1%, 4 bedroom homes decreased by 23.1%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 13 | 23 | +76.9% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South, you could pay more than the asking price. 47.8% of homes here sold above asking price last month.
Summary: A total of 23 homes were sold or pending in South in October 2024, up by 76.9% month-over-month. Of the 23 sold homes, 43% were sold under asking, 9% were sold at asking, and 48% were sold over asking.
Days on Market for South, MI
How long does it take to sell a home in South, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 60 Days | 20 Days | -66.0% |
Summary: Homes in South had an average of 20 days on market in Oct 2024, down by 66% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 23 homes were sold in South; 74% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.