Is Big Rapids, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Big Rapids was a Seller's Market.
Key Takeaway
Big Rapids is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Big Rapids, MI
How much do homes in Big Rapids, MI cost?
Median Sold Price
$205,333
$140/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Big Rapids have sold for 24.4% more than they did a year ago.
Summary: The median home sold price in Big Rapids was $205,333 in March 2024, up 24.4% from last year, and the median price per square foot was $140.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $98.5K | $145K | +47.2% |
| 2 Bedrooms | $130K | $172.5K | +32.7% |
| 3 Bedrooms | $160.8K | $198.9K | +23.7% |
| 4 Bedrooms | $225.2K | $225K | -0.1% |
| 5+ Bedrooms | $219.9K | $332K | +51.0% |
Summary: Big Rapids housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 47.2%, 2 bedroom homes increased by 32.7%, 3 bedroom homes increased by 23.7%, 4 bedroom homes decreased by 0.1%, and 5+ bedroom homes increased by 51%.
Median Sold Price Compared To Nearby Cities
| Big Rapids | $165K | $205.3K | +24.4% |
| Big Rapids Charter Township | $202.7K | $205K | +1.1% |
Housing Supply in Big Rapids, MI
How many homes are available in Big Rapids, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 62 | 69 | +11.3% |
Summary: The Big Rapids real estate market had 69 homes for sale in March 2024, a 11.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 5 | 7 | +40.0% |
| 3 Bedrooms | 25 | 25 | 0.0% |
| 4 Bedrooms | 19 | 23 | +21.1% |
| 5+ Bedrooms | 12 | 13 | +8.3% |
Summary: The Big Rapids 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 40%, 3 bedroom homes remained the same, 4 bedroom homes increased by 21.1%, and 5+ bedroom homes increased by 8.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 10 | 10 | 0.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Big Rapids, you may be able to get a good deal. 70% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in Big Rapids in March 2024, the same as the previous month. Of the 10 sold homes, 70% were sold under asking, 20% were sold at asking, and 10% were sold over asking.
Days on Market for Big Rapids, MI
How long does it take to sell a home in Big Rapids, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 46 Days | 88 Days | +88.1% |
Summary: Homes in Big Rapids had an average of 88 days on market in Mar 2024, up by 88.1% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Big Rapids are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 10 homes were sold in Big Rapids; 50% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.