Is Downtown, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Downtown has remained a Buyer's Market.
Key Takeaway
Downtown is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Downtown, MI
How much do homes in Downtown, MI cost?
Median Sold Price
$328,250
$266/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Downtown have sold for 15.2% more than they did a year ago.
Summary: The median home sold price in Downtown was $328,250 in April 2024, up 15.2% from last year, and the median price per square foot was $266.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $220K | $253.5K | +15.2% |
| 2 Bedrooms | $339K | $365K | +7.7% |
| 3 Bedrooms | $335K | $442.2K | +32.0% |
| 4 Bedrooms | $319K | $193K | -39.5% |
| 5+ Bedrooms | $293.7K | $400K | +36.2% |
Summary: Downtown housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.2%, 2 bedroom homes increased by 7.7%, 3 bedroom homes increased by 32%, 4 bedroom homes decreased by 39.5%, and 5+ bedroom homes increased by 36.2%.
Median Sold Price Compared To Nearby Neighborhoods
| Brush Park | $490K | $600K | +22.4% |
| Downtown | $285K | $328.2K | +15.2% |
Housing Supply in Downtown, MI
How many homes are available in Downtown, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 177 | 210 | +18.6% |
Summary: The Downtown real estate market had 210 homes for sale in April 2024, a 18.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 35 | 46 | +31.4% |
| 2 Bedrooms | 89 | 101 | +13.5% |
| 3 Bedrooms | 37 | 42 | +13.5% |
| 4 Bedrooms | 13 | 17 | +30.8% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Downtown housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 31.4%, 2 bedroom homes increased by 13.5%, 3 bedroom homes increased by 13.5%, 4 bedroom homes increased by 30.8%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 17 | 21 | +23.5% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Downtown, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.
Summary: A total of 21 homes were sold or pending in Downtown in April 2024, up by 23.5% month-over-month. Of the 21 sold homes, 57% were sold under asking, 43% were sold at asking, and 0% were sold over asking.
Days on Market for Downtown, MI
How long does it take to sell a home in Downtown, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 229 Days | 52 Days | -77.2% |
Summary: Homes in Downtown had an average of 52 days on market in Apr 2024, down by 77.2% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Downtown are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 21 homes were sold in Downtown; 62% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 29% 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.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.