Is Burbank, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Burbank was a Seller's Market.
Housing Prices in Burbank, MI
How much do homes in Burbank, MI cost?
Median Sold Price
$52,800
$49/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Burbank was $52,800 in April 2024, up 2.9% from last year, and the median price per square foot was $49.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $38K | $32.5K | -14.5% |
3 Bedrooms | $53.2K | $52.8K | -0.8% |
4 Bedrooms | $68.5K | $79.5K | +16.1% |
5+ Bedrooms | $38K | $152.5K | +301.3% |
Summary: Burbank 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 decreased by 14.5%, 3 bedroom homes decreased by 0.8%, 4 bedroom homes increased by 16.1%, and 5+ bedroom homes increased by 301.3%.
Median Sold Price Compared To Nearby Neighborhoods
Mohican Regent | $75.5K | $84.7K | +12.3% |
Mount Olivet | $47.5K | $52.5K | +10.5% |
Upper East | $50K | $55K | +10.0% |
Regent Park | $58K | $61K | +5.2% |
Burbank | $51.3K | $52.8K | +2.9% |
Housing Supply in Burbank, MI
How many homes are available in Burbank, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
74 | 100 | +35.1% |
Summary: The Burbank real estate market had 100 homes for sale in April 2024, a 35.1% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 14 | 18 | +28.6% |
3 Bedrooms | 54 | 76 | +40.7% |
4 Bedrooms | 3 | 3 | 0.0% |
5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Burbank 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 increased by 28.6%, 3 bedroom homes increased by 40.7%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
7 | 11 | +57.1% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 11 homes were sold or pending in Burbank in April 2024, up by 57.1% month-over-month. Of the 11 sold homes, 27% were sold under asking, 55% were sold at asking, and 18% were sold over asking.
Days on Market for Burbank, MI
How long does it take to sell a home in Burbank, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
86 Days | 90 Days | +5.4% |
Summary: Homes in Burbank had an average of 90 days on market in Apr 2024, up by 5.4% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During April 2024, 11 homes were sold in Burbank; 36% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 36% of homes were sold over 90 days.