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
At the same time last year, Downtown was a Neutral Market.
Key Takeaway
Downtown is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Downtown, MI
How much do homes in Downtown, MI cost?
Median Sold Price
$535,000
$488/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Downtown have sold for 4.5% less than they did a year ago.
Summary: The median home sold price in Downtown was $535,000 in April 2024, down 4.5% from last year, and the median price per square foot was $488.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $280K | $295K | +5.4% |
| 2 Bedrooms | $609.5K | $636.7K | +4.5% |
| 3 Bedrooms | $1.2M | $997.7K | -20.1% |
| 4 Bedrooms | - | $805K | N/A |
| 5+ Bedrooms | $970K | - | N/A |
Summary: Downtown housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.4%, 2 bedroom homes increased by 4.5%, 3 bedroom homes decreased by 20.1%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Bach | $535K | $600K | +12.1% |
| Central | $600K | $600K | 0.0% |
| Downtown | $560K | $535K | -4.5% |
Housing Supply in Downtown, MI
How many homes are available in Downtown, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 27 | 30 | +11.1% |
Summary: The Downtown real estate market had 30 homes for sale in April 2024, a 11.1% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 11 | +10.0% |
| 2 Bedrooms | 8 | 9 | +12.5% |
| 3 Bedrooms | 8 | 8 | 0.0% |
| 4 Bedrooms | 1 | 2 | +100.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Downtown housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10%, 2 bedroom homes increased by 12.5%, 3 bedroom homes remained the same, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 6 | 10 | +66.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Downtown, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in Downtown in April 2024, up by 66.7% month-over-month. Of the 10 sold homes, 40% were sold under asking, 10% were sold at asking, and 50% 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 |
|---|---|---|
| 42 Days | 28 Days | -32.6% |
Summary: Homes in Downtown had an average of 28 days on market in Apr 2024, down by 32.6% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 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, 10 homes were sold in Downtown; 60% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
