Is Erie, 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, Erie has remained a Seller's Market.
Key Takeaway
Erie is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Erie, MI
How much do homes in Erie, MI cost?
Median Sold Price
$205,000
$136/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Erie have sold for 7.2% more than they did a year ago.
Summary: The median home sold price in Erie was $205,000 in March 2024, up 7.2% from last year, and the median price per square foot was $136.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $37.5K | $185K | +393.3% |
| 2 Bedrooms | $160K | $130K | -18.8% |
| 3 Bedrooms | $190K | $209.9K | +10.5% |
| 4 Bedrooms | $250K | $251K | 0.4% |
| 5+ Bedrooms | $180.7K | - | N/A |
Summary: Erie housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 393.3%, 2 bedroom homes decreased by 18.8%, 3 bedroom homes increased by 10.5%, 4 bedroom homes increased by 0.4%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Erie | $191.2K | $205K | +7.2% |
| Erie Township | $192.5K | $198.5K | +3.1% |
| Luna Pier | $160K | $162.5K | +1.6% |
| Washington Township | $175K | $175K | 0.0% |
| Temperance | $259.5K | $255K | -1.7% |
Housing Supply in Erie, MI
How many homes are available in Erie, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 9 | 9 | 0.0% |
Summary: The Erie real estate market had 9 homes for sale in March 2024, the same as February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 2 | 1 | -50.0% |
| 3 Bedrooms | 5 | 7 | +40.0% |
| 4 Bedrooms | 1 | 0 | -100.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Erie 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 decreased by 50%, 3 bedroom homes increased by 40%, 4 bedroom homes decreased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1 | 3 | +200.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Erie, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 3 homes were sold or pending in Erie in March 2024, up by 200.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market for Erie, MI
How long does it take to sell a home in Erie, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 72 Days | 27 Days | -62.0% |
Summary: Homes in Erie had an average of 27 days on market in Mar 2024, down by 62% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Erie are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 3 homes were sold in Erie; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
