Is Buchanan, 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, Buchanan has remained a Seller's Market.
Housing Prices in Buchanan, MI
How much do homes in Buchanan, MI cost?
Median Sold Price
$215,000
$162/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Buchanan was $215,000 in March 2024, up 24.6% from last year, and the median price per square foot was $162.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $79K | - | N/A |
2 Bedrooms | $126.5K | $160.5K | +26.9% |
3 Bedrooms | $175K | $225K | +28.6% |
4 Bedrooms | $305K | $375K | +23.0% |
5+ Bedrooms | $205K | $239K | +16.6% |
Summary: Buchanan housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 26.9%, 3 bedroom homes increased by 28.6%, 4 bedroom homes increased by 23%, and 5+ bedroom homes increased by 16.6%.
Median Sold Price Compared To Nearby Cities
Buchanan | $172.5K | $215K | +24.6% |
Buchanan Township | $230K | $224.4K | -2.4% |
Housing Supply in Buchanan, MI
How many homes are available in Buchanan, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
30 | 37 | +23.3% |
Summary: The Buchanan real estate market had 37 homes for sale in March 2024, a 23.3% 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 | 6 | 9 | +50.0% |
3 Bedrooms | 13 | 17 | +30.8% |
4 Bedrooms | 5 | 6 | +20.0% |
5+ Bedrooms | 6 | 5 | -16.7% |
Summary: The Buchanan 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 50%, 3 bedroom homes increased by 30.8%, 4 bedroom homes increased by 20%, and 5+ bedroom homes decreased by 16.7%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
7 | 8 | +14.3% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 8 homes were sold or pending in Buchanan in March 2024, up by 14.3% month-over-month. Of the 8 sold homes, 75% were sold under asking, 25% were sold at asking, and 0% were sold over asking.
Days on Market for Buchanan, MI
How long does it take to sell a home in Buchanan, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
32 Days | 95 Days | +191.6% |
Summary: Homes in Buchanan had an average of 95 days on market in Mar 2024, up by 191.6% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During March 2024, 8 homes were sold in Buchanan; 25% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 38% of homes were sold over 90 days.