Is Whitmore Lake, 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, Whitmore Lake has remained a Seller's Market.
Key Takeaway
Whitmore Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Whitmore Lake, MI
How much do homes in Whitmore Lake, MI cost?
Median Sold Price
$380,000
$223/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Whitmore Lake have sold for 5.6% more than they did a year ago.
Summary: The median home sold price in Whitmore Lake was $380,000 in May 2024, up 5.6% from last year, and the median price per square foot was $223.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $357.5K | N/A |
| 2 Bedrooms | $277K | $266.5K | -3.8% |
| 3 Bedrooms | $330K | $350K | +6.1% |
| 4 Bedrooms | $415K | $450K | +8.4% |
| 5+ Bedrooms | $550.1K | $444K | -19.3% |
Summary: Whitmore Lake 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 decreased by 3.8%, 3 bedroom homes increased by 6.1%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes decreased by 19.3%.
Median Sold Price Compared To Nearby Cities
| Northfield Township | $345K | $365K | +5.8% |
| Whitmore Lake | $360K | $380K | +5.6% |
| Hamburg Township | $385K | $406K | +5.5% |
| Webster Township | $531K | $542.5K | +2.2% |
Housing Supply in Whitmore Lake, MI
How many homes are available in Whitmore Lake, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 35 | 45 | +28.6% |
Summary: The Whitmore Lake real estate market had 45 homes for sale in May 2024, a 28.6% 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 | 5 | 6 | +20.0% |
| 3 Bedrooms | 20 | 17 | -15.0% |
| 4 Bedrooms | 9 | 19 | +111.1% |
| 5+ Bedrooms | 1 | 3 | +200.0% |
Summary: The Whitmore Lake 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 20%, 3 bedroom homes decreased by 15%, 4 bedroom homes increased by 111.1%, and 5+ bedroom homes increased by 200%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 12 | +100.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Whitmore Lake, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Whitmore Lake in May 2024, up by 100.0% month-over-month. Of the 12 sold homes, 17% were sold under asking, 33% were sold at asking, and 50% were sold over asking.
Days on Market for Whitmore Lake, MI
How long does it take to sell a home in Whitmore Lake, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 18 Days | 24 Days | +27.8% |
Summary: Homes in Whitmore Lake had an average of 24 days on market in May 2024, up by 27.8% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Whitmore Lake are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 12 homes were sold in Whitmore Lake; 75% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
