Is Ada, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Ada has remained a Seller's Market.
Key Takeaway
Ada is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Ada, MI
How much do homes in Ada, MI cost?
Median Sold Price
$602,583
$281/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Ada have sold for 5.2% more than they did a year ago.
Summary: The median home sold price in Ada was $602,583 in April 2024, up 5.2% from last year, and the median price per square foot was $281.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $379.9K | $397K | +4.5% |
| 3 Bedrooms | $390K | $490K | +25.6% |
| 4 Bedrooms | $565K | $662.5K | +17.3% |
| 5+ Bedrooms | $695K | $767.5K | +10.4% |
Summary: Ada housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 4.5%, 3 bedroom homes increased by 25.6%, 4 bedroom homes increased by 17.3%, and 5+ bedroom homes increased by 10.4%.
Median Sold Price Compared To Nearby Cities
| Vergennes Township | $430K | $500K | +16.3% |
| Grand Rapids Charter Township | $279.9K | $300K | +7.2% |
| Ada Township | $562.2K | $600K | +6.7% |
| Ada | $572.8K | $602.5K | +5.2% |
| Cascade Charter Township | $530K | $531.2K | 0.2% |
Housing Supply in Ada, MI
How many homes are available in Ada, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 52 | 66 | +26.9% |
Summary: The Ada real estate market had 66 homes for sale in April 2024, a 26.9% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 0 | -100.0% |
| 3 Bedrooms | 11 | 16 | +45.5% |
| 4 Bedrooms | 21 | 28 | +33.3% |
| 5+ Bedrooms | 19 | 22 | +15.8% |
Summary: The Ada housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 100%, 3 bedroom homes increased by 45.5%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 15.8%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 12 | 16 | +33.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Ada, you could pay more than the asking price. 37.5% of homes here sold above asking price last month.
Summary: A total of 16 homes were sold or pending in Ada in April 2024, up by 33.3% month-over-month. Of the 16 sold homes, 31% were sold under asking, 31% were sold at asking, and 38% were sold over asking.
Days on Market for Ada, MI
How long does it take to sell a home in Ada, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 10 Days | 30 Days | +195.2% |
Summary: Homes in Ada had an average of 30 days on market in Apr 2024, up by 195.2% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Ada are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 16 homes were sold in Ada; 75% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
