Is Gogebic County, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Gogebic County is a seller's market

Buyer's
Market

Difference Since Last Month

Since last month, Gogebic County has remained a Seller's Market.

Key Takeaway

Gogebic County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Gogebic County, MI

How much do homes in Gogebic County, MI cost?

Median Sold Price

$84,900

$103/sqft

Based on all homes sold in February 2024.

Difference Since Last Month

-$10,100(-10.6%)

Key Takeaway

Homes in Gogebic County have sold for 10.6% less than they did a month ago.

Summary: The median home sold price in Gogebic County was $84,900 in February 2024, down 10.6% from last month, and the median price per square foot was $103.

Median Sold Price By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 $130K$40K
-69.2%
2 $95K$105.7K
+11.3%
3 $83.5K$122K
+46.1%
4 $100K$225K
+125.0%
5+ --
N/A

Summary: Gogebic County housing prices by bedroom type for February 2024 compared to the previous month: The home price of 1 bedroom homes decreased by 69.2%, 2 bedroom homes increased by 11.3%, 3 bedroom homes increased by 46.1%, 4 bedroom homes increased by 125%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Counties

Ontonagon County
+36.0%
Gogebic County
-10.6%
Iron County
-37.2%
Iron County
-63.7%

Housing Supply in Gogebic County, MI

How many homes are available in Gogebic County, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
4549+8.9%

Summary: The Gogebic County real estate market had 49 homes for sale in February 2024, a 8.9% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 44
0.0%
2 85
-37.5%
3 2225
+13.6%
4 812
+50.0%
5+ 33
0.0%

Summary: The Gogebic County housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 37.5%, 3 bedroom homes increased by 13.6%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
11110.0%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Gogebic County, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.

Summary: A total of 11 homes were sold or pending in Gogebic County in February 2024, the same as the previous month. Of the 11 sold homes, 55% were sold under asking, 27% were sold at asking, and 18% were sold over asking.

Days on Market for Gogebic County, MI

How long does it take to sell a home in Gogebic County, MI?

Average Sale Time

Jan 2024Feb 2024CHANGE
38 Days55 Days+42.4%

Summary: Homes in Gogebic County had an average of 55 days on market in Feb 2024, up by 42.4% compared to last month.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Gogebic County are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 11 homes were sold in Gogebic County; 36% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 36% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

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