Is Lincoln Park, 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, Lincoln Park has remained a Seller's Market.
Key Takeaway
Lincoln Park is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lincoln Park, MI
How much do homes in Lincoln Park, MI cost?
Median Sold Price
$150,000
$140/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lincoln Park have sold for 11.5% more than they did a year ago.
Summary: The median home sold price in Lincoln Park was $150,000 in May 2024, up 11.5% from last year, and the median price per square foot was $140.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $84.9K | $87.4K | +3.0% |
| 2 Bedrooms | $105K | $121K | +15.2% |
| 3 Bedrooms | $140K | $155K | +10.7% |
| 4 Bedrooms | $149.9K | $160K | +6.7% |
| 5+ Bedrooms | $133.5K | $152K | +13.9% |
Summary: Lincoln Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3%, 2 bedroom homes increased by 15.2%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes increased by 13.9%.
Median Sold Price Compared To Nearby Cities
| Allen Park | $185K | $210K | +13.5% |
| Lincoln Park | $134.5K | $150K | +11.5% |
| Melvindale | $128K | $141.7K | +10.7% |
| Wyandotte | $169.9K | $185.6K | +9.2% |
| Ecorse | $74K | $74.7K | +1.0% |
Housing Supply in Lincoln Park, MI
How many homes are available in Lincoln Park, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 90 | 107 | +18.9% |
Summary: The Lincoln Park real estate market had 107 homes for sale in May 2024, a 18.9% 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 | 24 | 27 | +12.5% |
| 3 Bedrooms | 59 | 69 | +16.9% |
| 4 Bedrooms | 6 | 7 | +16.7% |
| 5+ Bedrooms | 1 | 4 | +300.0% |
Summary: The Lincoln Park 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 increased by 12.5%, 3 bedroom homes increased by 16.9%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 300%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 25 | 38 | +52.0% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lincoln Park, you could pay more than the asking price. 57.9% of homes here sold above asking price last month.
Summary: A total of 38 homes were sold or pending in Lincoln Park in May 2024, up by 52.0% month-over-month. Of the 38 sold homes, 32% were sold under asking, 11% were sold at asking, and 58% were sold over asking.
Days on Market for Lincoln Park, MI
How long does it take to sell a home in Lincoln Park, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 14 Days | 19 Days | +34.9% |
Summary: Homes in Lincoln Park had an average of 19 days on market in May 2024, up by 34.9% compared to last year.
Breakdown of Home Sale Times
33 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Lincoln Park are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 38 homes were sold in Lincoln Park; 87% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.