Is Sparta, 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, Sparta has remained a Seller's Market.
Key Takeaway
Sparta is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Sparta, MI
How much do homes in Sparta, MI cost?
Median Sold Price
$292,000
$209/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Sparta have sold for 7.4% more than they did a year ago.
Summary: The median home sold price in Sparta was $292,000 in May 2024, up 7.4% from last year, and the median price per square foot was $209.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $120K | N/A |
| 2 Bedrooms | $227.5K | $221.7K | -2.5% |
| 3 Bedrooms | $266.5K | $281.5K | +5.6% |
| 4 Bedrooms | $326K | $330K | +1.2% |
| 5+ Bedrooms | $420K | $376K | -10.5% |
Summary: Sparta housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 2.5%, 3 bedroom homes increased by 5.6%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes decreased by 10.5%.
Median Sold Price Compared To Nearby Cities
| Sparta Township | $272K | $292.5K | +7.5% |
| Sparta | $272K | $292K | +7.4% |
Housing Supply in Sparta, MI
How many homes are available in Sparta, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 25 | 34 | +36.0% |
Summary: The Sparta real estate market had 34 homes for sale in May 2024, a 36.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 8 | 3 | -62.5% |
| 3 Bedrooms | 10 | 20 | +100.0% |
| 4 Bedrooms | 5 | 9 | +80.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Sparta housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 62.5%, 3 bedroom homes increased by 100%, 4 bedroom homes increased by 80%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 8 | 6 | -25.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Sparta, you could pay more than the asking price. 83.3% of homes here sold above asking price last month.
Summary: A total of 6 homes were sold or pending in Sparta in May 2024, down by 25.0% month-over-month. Of the 6 sold homes, 17% were sold under asking, 0% were sold at asking, and 83% were sold over asking.
Days on Market for Sparta, MI
How long does it take to sell a home in Sparta, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 33 Days | 6 Days | -80.5% |
Summary: Homes in Sparta had an average of 6 days on market in May 2024, down by 80.5% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Sparta are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 6 homes were sold in Sparta; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
