Is Bitely, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Bitely was a Seller's Market.
Key Takeaway
Bitely is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Bitely, MI
How much do homes in Bitely, MI cost?
Median Sold Price
$128,500
$122/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Bitely have sold for 1.2% less than they did a year ago.
Summary: The median home sold price in Bitely was $128,500 in May 2024, down 1.2% from last year, and the median price per square foot was $122.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $85K | $125K | +47.1% |
| 2 Bedrooms | $141K | $110K | -22.0% |
| 3 Bedrooms | $134K | $240K | +79.1% |
| 4 Bedrooms | $315K | $180K | -42.9% |
| 5+ Bedrooms | - | - | N/A |
Summary: Bitely housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 47.1%, 2 bedroom homes decreased by 22%, 3 bedroom homes increased by 79.1%, 4 bedroom homes decreased by 42.9%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Merrill Township | $150K | $160K | +6.7% |
| Troy Township | $395K | $410K | +3.8% |
| Bitely | $130K | $128.5K | -1.2% |
Housing Supply in Bitely, MI
How many homes are available in Bitely, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 16 | 15 | -6.3% |
Summary: The Bitely real estate market had 15 homes for sale in May 2024, a 6.3% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 9 | 8 | -11.1% |
| 3 Bedrooms | 5 | 3 | -40.0% |
| 4 Bedrooms | 1 | 2 | +100.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Bitely housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 11.1%, 3 bedroom homes decreased by 40%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 1 | -66.7% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Bitely, expect to pay close to the asking price. 100% of homes here sold near the asking price last month.
Summary: A total of 1 homes were sold or pending in Bitely in May 2024, down by 66.7% month-over-month. Of the 1 sold homes, 0% were sold under asking, 100% were sold at asking, and 0% were sold over asking.
Days on Market for Bitely, MI
How long does it take to sell a home in Bitely, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 60 Days | 16 Days | -73.3% |
Summary: Homes in Bitely had an average of 16 days on market in May 2024, down by 73.3% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Bitely are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 1 homes were sold in Bitely; 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.
