Is Portage, 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, Portage has remained a Seller's Market.
Housing Prices in Portage, MI
How much do homes in Portage, MI cost?
Median Sold Price
$269,933
$195/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Portage was $269,933 in May 2024, up 1.9% from last year, and the median price per square foot was $195.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $75.7K | $112K | +47.9% |
2 Bedrooms | $175K | $195.5K | +11.7% |
3 Bedrooms | $244.9K | $244K | -0.4% |
4 Bedrooms | $325K | $312.8K | -3.8% |
5+ Bedrooms | $430K | $441.4K | +2.7% |
Summary: Portage housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 47.9%, 2 bedroom homes increased by 11.7%, 3 bedroom homes decreased by 0.4%, 4 bedroom homes decreased by 3.8%, and 5+ bedroom homes increased by 2.7%.
Median Sold Price Compared To Nearby Cities
Pavilion Township | $272.5K | $325K | +19.3% |
Scotts | $298K | $326K | +9.4% |
Kalamazoo | $207.2K | $224.9K | +8.5% |
Comstock Charter Township | $244.6K | $265K | +8.3% |
Portage | $264.9K | $269.9K | +1.9% |
Housing Supply in Portage, MI
How many homes are available in Portage, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
170 | 189 | +11.2% |
Summary: The Portage real estate market had 189 homes for sale in May 2024, a 11.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 20 | 23 | +15.0% |
3 Bedrooms | 72 | 78 | +8.3% |
4 Bedrooms | 64 | 67 | +4.7% |
5+ Bedrooms | 13 | 20 | +53.8% |
Summary: The Portage 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 15%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 4.7%, and 5+ bedroom homes increased by 53.8%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
49 | 58 | +18.4% |
Asking Price vs. Sold Price
30 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Summary: A total of 58 homes were sold or pending in Portage in May 2024, up by 18.4% month-over-month. Of the 58 sold homes, 52% were sold under asking, 16% were sold at asking, and 33% were sold over asking.
Days on Market for Portage, MI
How long does it take to sell a home in Portage, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
19 Days | 17 Days | -11.7% |
Summary: Homes in Portage had an average of 17 days on market in May 2024, down by 11.7% compared to last year.
Breakdown of Home Sale Times
49 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 58 homes were sold in Portage; 84% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.