Is Lowell, 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, Lowell has remained a Seller's Market.
Key Takeaway
Lowell is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lowell, MI
How much do homes in Lowell, MI cost?
Median Sold Price
$400,000
$243/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lowell have sold for 17% more than they did a year ago.
Summary: The median home sold price in Lowell was $400,000 in May 2024, up 17% from last year, and the median price per square foot was $243.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $123K | $170K | +38.2% |
| 2 Bedrooms | $242K | $350K | +44.6% |
| 3 Bedrooms | $308.5K | $337.5K | +9.4% |
| 4 Bedrooms | $389.9K | $449.9K | +15.4% |
| 5+ Bedrooms | $512.5K | $550K | +7.3% |
Summary: Lowell housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 38.2%, 2 bedroom homes increased by 44.6%, 3 bedroom homes increased by 9.4%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes increased by 7.3%.
Median Sold Price Compared To Nearby Cities
| Vergennes Township | $425K | $500K | +17.6% |
| Lowell | $341.8K | $400K | +17.0% |
| Lowell Charter Township | $343.3K | $400K | +16.5% |
Housing Supply in Lowell, MI
How many homes are available in Lowell, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 52 | 51 | -1.9% |
Summary: The Lowell real estate market had 51 homes for sale in May 2024, a 1.9% decrease 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 | 6 | 5 | -16.7% |
| 3 Bedrooms | 23 | 19 | -17.4% |
| 4 Bedrooms | 17 | 19 | +11.8% |
| 5+ Bedrooms | 6 | 8 | +33.3% |
Summary: The Lowell 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 16.7%, 3 bedroom homes decreased by 17.4%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 15 | -11.8% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lowell, you could pay more than the asking price. 46.7% of homes here sold above asking price last month.
Summary: A total of 15 homes were sold or pending in Lowell in May 2024, down by 11.8% month-over-month. Of the 15 sold homes, 27% were sold under asking, 27% were sold at asking, and 47% were sold over asking.
Days on Market for Lowell, MI
How long does it take to sell a home in Lowell, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 7 Days | 9 Days | +36.2% |
Summary: Homes in Lowell had an average of 9 days on market in May 2024, up by 36.2% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lowell are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 15 homes were sold in Lowell; 87% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
