Is Albion, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Albion has remained a Seller's Market.
Key Takeaway
Albion is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Albion, MI
How much do homes in Albion, MI cost?
Median Sold Price
$130,000
$96/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Albion have sold for 8.3% more than they did a year ago.
Summary: The median home sold price in Albion was $130,000 in March 2024, up 8.3% from last year, and the median price per square foot was $96.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $40K | $79.9K | +99.8% |
| 2 Bedrooms | $100K | $66K | -34.0% |
| 3 Bedrooms | $133K | $140K | +5.3% |
| 4 Bedrooms | $146K | $149.5K | +2.4% |
| 5+ Bedrooms | $345K | $205K | -40.6% |
Summary: Albion housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 99.8%, 2 bedroom homes decreased by 34%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 2.4%, and 5+ bedroom homes decreased by 40.6%.
Median Sold Price Compared To Nearby Cities
| Sheridan Township | $169K | $186.2K | +10.2% |
| Albion | $120K | $130K | +8.3% |
| Albion Township | $146.5K | $130K | -11.3% |
Housing Supply in Albion, MI
How many homes are available in Albion, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 41 | 43 | +4.9% |
Summary: The Albion real estate market had 43 homes for sale in March 2024, a 4.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 5 | 6 | +20.0% |
| 3 Bedrooms | 18 | 18 | 0.0% |
| 4 Bedrooms | 13 | 15 | +15.4% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The Albion housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 20%, 3 bedroom homes remained the same, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 8 | 12 | +50.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Albion, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in Albion in March 2024, up by 50.0% month-over-month. Of the 12 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.
Days on Market for Albion, MI
How long does it take to sell a home in Albion, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 35 Days | 63 Days | +78.6% |
Summary: Homes in Albion had an average of 63 days on market in Mar 2024, up by 78.6% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Albion are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 12 homes were sold in Albion; 42% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 42% of homes were sold over 90 days.
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