Is Central, 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, Central has remained a Seller's Market.
Key Takeaway
Central is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Central, MI
How much do homes in Central, MI cost?
Median Sold Price
$605,000
$453/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Central have sold for 0.8% more than they did a year ago.
Summary: The median home sold price in Central was $605,000 in March 2024, up 0.8% from last year, and the median price per square foot was $453.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $397.4K | $315K | -20.7% |
| 2 Bedrooms | $555K | $564K | +1.6% |
| 3 Bedrooms | $615K | $660K | +7.3% |
| 4 Bedrooms | $921K | $795.7K | -13.6% |
| 5+ Bedrooms | $1.0M | $1.2M | +20.0% |
Summary: Central housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 20.7%, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 7.3%, 4 bedroom homes decreased by 13.6%, and 5+ bedroom homes increased by 20%.
Median Sold Price Compared To Nearby Neighborhoods
| South University | $680.1K | $965.3K | +41.9% |
| Bach | $535K | $571K | +6.7% |
| Central | $600K | $605K | +0.8% |
| Downtown | $561.2K | $540.2K | -3.7% |
Housing Supply in Central, MI
How many homes are available in Central, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 39 | 47 | +20.5% |
Summary: The Central real estate market had 47 homes for sale in March 2024, a 20.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 10 | +25.0% |
| 2 Bedrooms | 10 | 12 | +20.0% |
| 3 Bedrooms | 12 | 14 | +16.7% |
| 4 Bedrooms | 5 | 6 | +20.0% |
| 5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The Central housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 8 | 12 | +50.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Central, 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 Central in March 2024, up by 50.0% month-over-month. Of the 12 sold homes, 50% were sold under asking, 17% were sold at asking, and 33% were sold over asking.
Days on Market for Central, MI
How long does it take to sell a home in Central, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 86 Days | 54 Days | -36.8% |
Summary: Homes in Central had an average of 54 days on market in Mar 2024, down by 36.8% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Central are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 12 homes were sold in Central; 50% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
