Is Jerome, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Jerome was a Seller's Market.
Key Takeaway
Jerome is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Jerome, MI
How much do homes in Jerome, MI cost?
Median Sold Price
$274,900
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Jerome have sold for 14.6% more than they did a year ago.
Summary: The median home sold price in Jerome was $274,900 in March 2024, up 14.6% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $184.9K | $208K | +12.5% |
| 3 Bedrooms | $239.9K | $228K | -5.0% |
| 4 Bedrooms | $321.2K | $390K | +21.4% |
| 5+ Bedrooms | $355K | $467K | +31.5% |
Summary: Jerome 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 12.5%, 3 bedroom homes decreased by 5%, 4 bedroom homes increased by 21.4%, and 5+ bedroom homes increased by 31.5%.
Median Sold Price Compared To Nearby Cities
| Somerset Township | $239.9K | $304.5K | +26.9% |
| Cement City | $231.4K | $290K | +25.3% |
| Jerome | $239.9K | $274.9K | +14.6% |
Housing Supply in Jerome, MI
How many homes are available in Jerome, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 15 | 12 | -20.0% |
Summary: The Jerome real estate market had 12 homes for sale in March 2024, a 20.0% 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 | 0 | 0 | 0.0% |
| 3 Bedrooms | 9 | 5 | -44.4% |
| 4 Bedrooms | 5 | 7 | +40.0% |
| 5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The Jerome 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 44.4%, 4 bedroom homes increased by 40%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6 | 1 | -83.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Jerome, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in Jerome in March 2024, down by 83.3% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Jerome, MI
How long does it take to sell a home in Jerome, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 21 Days | 6 Days | -71.4% |
Summary: Homes in Jerome had an average of 6 days on market in Mar 2024, down by 71.4% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Jerome are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 1 homes were sold in Jerome; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.