Is Parma, 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, Parma has remained a Seller's Market.
Housing Prices in Parma, MI
How much do homes in Parma, MI cost?
Median Sold Price
$220,000
$147/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Parma was $220,000 in May 2024, down 8.3% from last year, and the median price per square foot was $147.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $88 | N/A |
2 Bedrooms | $162.5K | $174K | +7.1% |
3 Bedrooms | $212.5K | $217.5K | +2.4% |
4 Bedrooms | $242K | $300K | +24.0% |
5+ Bedrooms | $300K | $368.2K | +22.8% |
Summary: Parma 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 7.1%, 3 bedroom homes increased by 2.4%, 4 bedroom homes increased by 24%, and 5+ bedroom homes increased by 22.8%.
Median Sold Price Compared To Nearby Cities
Parma | $240K | $220K | -8.3% |
Parma Township | $240K | $215K | -10.4% |
Sandstone Township | $250K | $206.3K | -17.5% |
Housing Supply in Parma, MI
How many homes are available in Parma, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
16 | 16 | 0.0% |
Summary: The Parma real estate market had 16 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 3 | 2 | -33.3% |
3 Bedrooms | 3 | 5 | +66.7% |
4 Bedrooms | 8 | 7 | -12.5% |
5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Parma 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 decreased by 33.3%, 3 bedroom homes increased by 66.7%, 4 bedroom homes decreased by 12.5%, 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
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 5 homes were sold or pending in Parma in May 2024, down by 16.7% month-over-month. Of the 5 sold homes, 80% were sold under asking, 0% were sold at asking, and 20% were sold over asking.
Days on Market for Parma, MI
How long does it take to sell a home in Parma, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
60 Days | 44 Days | -26.3% |
Summary: Homes in Parma had an average of 44 days on market in May 2024, down by 26.3% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 5 homes were sold in Parma; 40% of homes were sold within 30 days, 60% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.