Is Luther, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Luther was a Seller's Market.
Key Takeaway
Luther is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Luther, MI
How much do homes in Luther, MI cost?
Median Sold Price
$133,000
$123/sqft
Based on all homes sold in May 2024.
Difference Since Last Month
Key Takeaway
Homes in Luther have sold for 39.6% less than they did a month ago.
Summary: The median home sold price in Luther was $133,000 in May 2024, down 39.6% from last month, and the median price per square foot was $123.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $290K | - | N/A |
| 3 Bedrooms | $150.5K | $133K | -11.6% |
| 4 Bedrooms | - | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Luther housing prices by bedroom type for May 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes decreased by 11.6%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Housing Supply in Luther, MI
How many homes are available in Luther, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 13 | +30.0% |
Summary: The Luther real estate market had 13 homes for sale in May 2024, a 30.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 2 | 5 | +150.0% |
| 3 Bedrooms | 6 | 5 | -16.7% |
| 4 Bedrooms | 0 | 0 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Luther housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 150%, 3 bedroom homes decreased by 16.7%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 2 | 0.0% |
Asking Price vs. Sold Price
0 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 Luther, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 2 homes were sold or pending in Luther in May 2024, the same as the previous month. Of the 2 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for Luther, MI
How long does it take to sell a home in Luther, MI?
Average Sale Time
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 100 Days | 292 Days | +192.0% |
Summary: Homes in Luther had an average of 292 days on market in May 2024, up by 192% compared to last month.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Luther are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 2 homes were sold in Luther; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% of homes were sold over 90 days.
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