Is Shepherd, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Shepherd was a Neutral Market.
Key Takeaway
Shepherd is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Shepherd, MI
How much do homes in Shepherd, MI cost?
Median Sold Price
$175,500
$119/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Shepherd have sold for 7.7% more than they did a year ago.
Summary: The median home sold price in Shepherd was $175,500 in May 2024, up 7.7% from last year, and the median price per square foot was $119.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $170K | N/A |
| 2 Bedrooms | - | $135K | N/A |
| 3 Bedrooms | $159.6K | $199.9K | +25.2% |
| 4 Bedrooms | $162.9K | $243K | +49.2% |
| 5+ Bedrooms | - | $219K | N/A |
Summary: Shepherd 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 did not change, 3 bedroom homes increased by 25.2%, 4 bedroom homes increased by 49.2%, and 5+ bedroom homes did not change.
Housing Supply in Shepherd, MI
How many homes are available in Shepherd, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 18 | 16 | -11.1% |
Summary: The Shepherd real estate market had 16 homes for sale in May 2024, a 11.1% 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 | 10 | 9 | -10.0% |
| 4 Bedrooms | 4 | 3 | -25.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Shepherd 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 10%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 7 | +16.7% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Shepherd, you may be able to get a good deal. 71.4% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in Shepherd in May 2024, up by 16.7% month-over-month. Of the 7 sold homes, 71% were sold under asking, 14% were sold at asking, and 14% were sold over asking.
Days on Market for Shepherd, MI
How long does it take to sell a home in Shepherd, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 9 Days | 65 Days | +625.4% |
Summary: Homes in Shepherd had an average of 65 days on market in May 2024, up by 625.4% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Shepherd has remained consistent over time.
Summary: During May 2024, 7 homes were sold in Shepherd; 29% of homes were sold within 30 days, 57% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
