$891 Closing Credit*
$75,000
1,440 SqFt
3 Beds
•1 Full Bath, 1 Partial
#50156527, CRAIG HEINONEN, Listing Office: COLDWELL BANKER SCHMIDT REALTORS
Is Iron River, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Iron River was a Seller's Market.
Key Takeaway
Iron River is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Iron River, MI
How much do homes in Iron River, MI cost?
Median Sold Price
$88,700
$92/sqft
Based on all homes sold in September 2024.
Difference Since Last Month
-$19,300(-17.9%)
Key Takeaway
Homes in Iron River have sold for 17.9% less than they did a month ago.
Summary: The median home sold price in Iron River was $88,700 in September 2024, down 17.9% from last month, and the median price per square foot was $92.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $220K | $59.9K | -72.8% |
| 3 Bedrooms | $129K | $117.5K | -8.9% |
| 4 Bedrooms | $65.9K | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Iron River housing prices by bedroom type for September 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 72.8%, 3 bedroom homes decreased by 8.9%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Stambaugh Township | $279.5K | $269.9K | -3.4% |
| Iron River | $108K | $88.7K | -17.9% |
| Caspian | $64.9K | $38K | -41.4% |
Housing Supply in Iron River, MI
How many homes are available in Iron River, MI?
Number of Homes For Sale
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 47 | 46 | -2.1% |
Summary: The Iron River real estate market had 46 homes for sale in September 2024, a 2.1% decrease compared to August 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 9 | 11 | +22.2% |
| 3 Bedrooms | 24 | 20 | -16.7% |
| 4 Bedrooms | 9 | 8 | -11.1% |
| 5+ Bedrooms | 2 | 4 | +100.0% |
Summary: The Iron River housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 22.2%, 3 bedroom homes decreased by 16.7%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 11 | 6 | -45.5% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Iron River, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 6 homes were sold or pending in Iron River in September 2024, down by 45.5% month-over-month. Of the 6 sold homes, 33% were sold under asking, 50% were sold at asking, and 17% were sold over asking.
Days on Market for Iron River, MI
How long does it take to sell a home in Iron River, MI?
Average Sale Time
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 51 Days | 20 Days | -60.7% |
Summary: Homes in Iron River had an average of 20 days on market in Sep 2024, down by 60.7% compared to last month.
Breakdown of Home Sale Times
5 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 Iron River are selling fast, if you're buying plan to act quickly.
Summary: During September 2024, 6 homes were sold in Iron River; 83% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.