Is Morenci, 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, Morenci has remained a Seller's Market.
Key Takeaway
Morenci is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Morenci, MI
How much do homes in Morenci, MI cost?
Median Sold Price
$120,000
$86/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Morenci have sold for 4.3% more than they did a year ago.
Summary: The median home sold price in Morenci was $120,000 in May 2024, up 4.3% from last year, and the median price per square foot was $86.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $37.5K | $65K | +73.3% |
| 2 Bedrooms | $73.4K | $93.7K | +27.6% |
| 3 Bedrooms | $123.5K | $120K | -2.8% |
| 4 Bedrooms | $119.5K | $139.5K | +16.7% |
| 5+ Bedrooms | $127.5K | - | N/A |
Summary: Morenci housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 73.3%, 2 bedroom homes increased by 27.6%, 3 bedroom homes decreased by 2.8%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes did not change.
Housing Supply in Morenci, MI
How many homes are available in Morenci, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 20 | 17 | -15.0% |
Summary: The Morenci real estate market had 17 homes for sale in May 2024, a 15.0% 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 | 3 | 3 | 0.0% |
| 3 Bedrooms | 14 | 12 | -14.3% |
| 4 Bedrooms | 3 | 2 | -33.3% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Morenci 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 remained the same, 3 bedroom homes decreased by 14.3%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 8 | +14.3% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morenci, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Morenci in May 2024, up by 14.3% month-over-month. Of the 8 sold homes, 50% were sold under asking, 13% were sold at asking, and 38% were sold over asking.
Days on Market for Morenci, MI
How long does it take to sell a home in Morenci, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 53 Days | 63 Days | +19.2% |
Summary: Homes in Morenci had an average of 63 days on market in May 2024, up by 19.2% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Morenci has remained consistent over time.
Summary: During May 2024, 8 homes were sold in Morenci; 13% of homes were sold within 30 days, 63% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
