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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Iron County is a neutral's market

Buyer's
Market

Difference Since Last Month

Last month, Iron County was a Buyer's Market.

Key Takeaway

Iron County is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Iron County, MI

How much do homes in Iron County, MI cost?

Median Sold Price

$62,500

$45/sqft

Based on all homes sold in February 2024.

Difference Since Last Month

-$37,000(-37.2%)

Key Takeaway

Homes in Iron County have sold for 37.2% less than they did a month ago.

Summary: The median home sold price in Iron County was $62,500 in February 2024, down 37.2% from last month, and the median price per square foot was $45.

Median Sold Price By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 --
N/A
2 $105K$50.5K
-51.9%
3 $99.5K$89.2K
-10.3%
4 $72.5K$118K
+62.8%
5+ $232.5K$55K
-76.3%

Summary: Iron County housing prices by bedroom type for February 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 51.9%, 3 bedroom homes decreased by 10.3%, 4 bedroom homes increased by 62.8%, and 5+ bedroom homes decreased by 76.3%.

Median Sold Price Compared To Nearby Counties

Dickinson County
+44.2%
Forest County
-17.5%
Baraga County
-26.5%
Iron County
-37.2%
Florence County
-53.8%

Housing Supply in Iron County, MI

How many homes are available in Iron County, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
4749+4.3%

Summary: The Iron County real estate market had 49 homes for sale in February 2024, a 4.3% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 22
0.0%
2 1111
0.0%
3 1924
+26.3%
4 98
-11.1%
5+ 64
-33.3%

Summary: The Iron 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 remained the same, 3 bedroom homes increased by 26.3%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes decreased by 33.3%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
58+60.0%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Iron County, you may be able to get a good deal. 87.5% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in Iron County in February 2024, up by 60.0% month-over-month. Of the 8 sold homes, 88% were sold under asking, 0% were sold at asking, and 13% were sold over asking.

Days on Market for Iron County, MI

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

Average Sale Time

Jan 2024Feb 2024CHANGE
84 Days53 Days-36.3%

Summary: Homes in Iron County had an average of 53 days on market in Feb 2024, down by 36.3% compared to last month.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 8 homes were sold in Iron County; 38% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 25% 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

Newest Listings in Iron County, MI

Nearby Markets to Iron County, MI

What housing markets are near Iron County, MI?