Is Alpena, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Alpena is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Alpena has remained a Seller's Market.

Key Takeaway

Alpena is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Alpena, MI

How much do homes in Alpena, MI cost?

Median Sold Price

$165,000

$97/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$30,000(+22.2%)

Key Takeaway

Homes in Alpena have sold for 22.2% more than they did a year ago.

Summary: The median home sold price in Alpena was $165,000 in May 2024, up 22.2% from last year, and the median price per square foot was $97.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $67.5K$171.5K
+154.1%
2 $97.2K$140K
+44.0%
3 $138K$161.3K
+16.9%
4 $160.4K$250.2K
+56.0%
5+ $211.5K$163K
-22.9%

Summary: Alpena housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 154.1%, 2 bedroom homes increased by 44%, 3 bedroom homes increased by 16.9%, 4 bedroom homes increased by 56%, and 5+ bedroom homes decreased by 22.9%.

Median Sold Price Compared To Nearby Cities

Alpena
+22.2%
Alpena Township
+16.2%

Housing Supply in Alpena, MI

How many homes are available in Alpena, MI?

Number of Homes For Sale

Apr 2024May 2024CHANGE
6581+24.6%

Summary: The Alpena real estate market had 81 homes for sale in May 2024, a 24.6% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 12
+100.0%
2 1421
+50.0%
3 3141
+32.3%
4 1513
-13.3%
5+ 44
0.0%

Summary: The Alpena housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 32.3%, 4 bedroom homes decreased by 13.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
1623+43.8%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Alpena, you may be able to get a good deal. 43.5% of homes here sold below asking price last month.

Summary: A total of 23 homes were sold or pending in Alpena in May 2024, up by 43.8% month-over-month. Of the 23 sold homes, 43% were sold under asking, 17% were sold at asking, and 39% were sold over asking.

Days on Market for Alpena, MI

How long does it take to sell a home in Alpena, MI?

Average Sale Time

May 2023May 2024CHANGE
43 Days7 Days-83.7%

Summary: Homes in Alpena had an average of 7 days on market in May 2024, down by 83.7% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Alpena are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 23 homes were sold in Alpena; 4% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 20 Days Ago

Newest Listings in Alpena, MI

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