Is Gibraltar, 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, Gibraltar has remained a Seller's Market.
Key Takeaway
Gibraltar is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Gibraltar, MI
How much do homes in Gibraltar, MI cost?
Median Sold Price
$245,000
$163/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Gibraltar have sold for 23.1% more than they did a year ago.
Summary: The median home sold price in Gibraltar was $245,000 in March 2024, up 23.1% from last year, and the median price per square foot was $163.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $143K | $182.5K | +27.6% |
| 3 Bedrooms | $196.5K | $255K | +29.8% |
| 4 Bedrooms | $260K | $310K | +19.2% |
| 5+ Bedrooms | - | $600K | N/A |
Summary: Gibraltar housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 27.6%, 3 bedroom homes increased by 29.8%, 4 bedroom homes increased by 19.2%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Gibraltar | $198.9K | $245K | +23.1% |
| Trenton | $215K | $225K | +4.6% |
| Brownstown Charter Township | $278.7K | $287.5K | +3.1% |
| Grosse Ile Township | $365K | $347.4K | -4.8% |
| Grosse Ile | $365K | $347.4K | -4.8% |
Housing Supply in Gibraltar, MI
How many homes are available in Gibraltar, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 15 | 13 | -13.3% |
Summary: The Gibraltar real estate market had 13 homes for sale in March 2024, a 13.3% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 4 | 0.0% |
| 3 Bedrooms | 9 | 8 | -11.1% |
| 4 Bedrooms | 1 | 0 | -100.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Gibraltar 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 remained the same, 3 bedroom homes decreased by 11.1%, 4 bedroom homes decreased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 3 | 0.0% |
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 Gibraltar, 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 Gibraltar in March 2024, the same as the previous 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 Gibraltar, MI
How long does it take to sell a home in Gibraltar, MI?
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 Gibraltar are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 3 homes were sold in Gibraltar; 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.
