Is Coloma, 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, Coloma has remained a Seller's Market.
Key Takeaway
Coloma is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Coloma, MI
How much do homes in Coloma, MI cost?
Median Sold Price
$249,950
$170/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Coloma have sold for 16.3% more than they did a year ago.
Summary: The median home sold price in Coloma was $249,950 in May 2024, up 16.3% from last year, and the median price per square foot was $170.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $150K | - | N/A |
| 2 Bedrooms | $178.5K | $216K | +21.0% |
| 3 Bedrooms | $193.4K | $249.9K | +29.2% |
| 4 Bedrooms | $294.9K | $299.9K | +1.7% |
| 5+ Bedrooms | $315K | $625K | +98.4% |
Summary: Coloma 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 21%, 3 bedroom homes increased by 29.2%, 4 bedroom homes increased by 1.7%, and 5+ bedroom homes increased by 98.4%.
Median Sold Price Compared To Nearby Cities
| Coloma Charter Township | $214.4K | $249.9K | +16.5% |
| Coloma | $214.9K | $249.9K | +16.3% |
Housing Supply in Coloma, MI
How many homes are available in Coloma, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 42 | 46 | +9.5% |
Summary: The Coloma real estate market had 46 homes for sale in May 2024, a 9.5% 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 | 9 | 10 | +11.1% |
| 3 Bedrooms | 22 | 20 | -9.1% |
| 4 Bedrooms | 5 | 7 | +40.0% |
| 5+ Bedrooms | 6 | 9 | +50.0% |
Summary: The Coloma 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 11.1%, 3 bedroom homes decreased by 9.1%, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 15 | 11 | -26.7% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Coloma, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in Coloma in May 2024, down by 26.7% month-over-month. Of the 11 sold homes, 55% were sold under asking, 18% were sold at asking, and 27% were sold over asking.
Days on Market for Coloma, MI
How long does it take to sell a home in Coloma, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 98 Days | 26 Days | -73.5% |
Summary: Homes in Coloma had an average of 26 days on market in May 2024, down by 73.5% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Coloma are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 11 homes were sold in Coloma; 64% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
