Is Rockwood, 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, Rockwood has remained a Seller's Market.
Key Takeaway
Rockwood is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Rockwood, MI
How much do homes in Rockwood, MI cost?
Median Sold Price
$295,000
$163/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Rockwood have sold for 7.3% more than they did a year ago.
Summary: The median home sold price in Rockwood was $295,000 in May 2024, up 7.3% from last year, and the median price per square foot was $163.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $100K | N/A |
| 2 Bedrooms | $135K | $141.5K | +4.8% |
| 3 Bedrooms | $210K | $233K | +11.0% |
| 4 Bedrooms | $357.5K | $400K | +11.9% |
| 5+ Bedrooms | $435K | $380K | -12.6% |
Summary: Rockwood housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 4.8%, 3 bedroom homes increased by 11%, 4 bedroom homes increased by 11.9%, and 5+ bedroom homes decreased by 12.6%.
Median Sold Price Compared To Nearby Cities
| Gibraltar | $196.5K | $227.5K | +15.8% |
| Rockwood | $275K | $295K | +7.3% |
| South Rockwood | $265K | $282.5K | +6.6% |
| Berlin Charter Township | $279.9K | $292K | +4.3% |
| Flat Rock | $305.5K | $312.9K | +2.4% |
Housing Supply in Rockwood, MI
How many homes are available in Rockwood, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 24 | 20 | -16.7% |
Summary: The Rockwood real estate market had 20 homes for sale in May 2024, a 16.7% 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 | 1 | 2 | +100.0% |
| 3 Bedrooms | 13 | 9 | -30.8% |
| 4 Bedrooms | 9 | 8 | -11.1% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Rockwood 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 100%, 3 bedroom homes decreased by 30.8%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 5 | -16.7% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Rockwood, you could pay more than the asking price. 80% of homes here sold above asking price last month.
Summary: A total of 5 homes were sold or pending in Rockwood in May 2024, down by 16.7% month-over-month. Of the 5 sold homes, 0% were sold under asking, 20% were sold at asking, and 80% were sold over asking.
Days on Market for Rockwood, MI
How long does it take to sell a home in Rockwood, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 12 Days | 5 Days | -56.7% |
Summary: Homes in Rockwood had an average of 5 days on market in May 2024, down by 56.7% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Rockwood are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 5 homes were sold in Rockwood; 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.
