Is Kalamazoo, 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, Kalamazoo has remained a Seller's Market.
Key Takeaway
Kalamazoo is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Kalamazoo, MI
How much do homes in Kalamazoo, MI cost?
Median Sold Price
$220,100
$168/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Kalamazoo have sold for 18.9% more than they did a year ago.
Summary: The median home sold price in Kalamazoo was $220,100 in March 2024, up 18.9% from last year, and the median price per square foot was $168.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $103K | $119K | +15.5% |
| 2 Bedrooms | $140K | $156.7K | +12.0% |
| 3 Bedrooms | $194.9K | $219.9K | +12.8% |
| 4 Bedrooms | $239.3K | $294.5K | +23.1% |
| 5+ Bedrooms | $302K | $420K | +39.1% |
Summary: Kalamazoo housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.5%, 2 bedroom homes increased by 12%, 3 bedroom homes increased by 12.8%, 4 bedroom homes increased by 23.1%, and 5+ bedroom homes increased by 39.1%.
Median Sold Price Compared To Nearby Cities
| Kalamazoo | $185.1K | $220.1K | +18.9% |
| Kalamazoo Charter Township | $190.1K | $220K | +15.7% |
| Portage | $264.7K | $260.6K | -1.6% |
Housing Supply in Kalamazoo, MI
How many homes are available in Kalamazoo, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 417 | 450 | +7.9% |
Summary: The Kalamazoo real estate market had 450 homes for sale in March 2024, a 7.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 10 | +25.0% |
| 2 Bedrooms | 88 | 99 | +12.5% |
| 3 Bedrooms | 168 | 178 | +6.0% |
| 4 Bedrooms | 105 | 118 | +12.4% |
| 5+ Bedrooms | 48 | 45 | -6.3% |
Summary: The Kalamazoo housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 6%, 4 bedroom homes increased by 12.4%, and 5+ bedroom homes decreased by 6.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 92 | 116 | +26.1% |
Asking Price vs. Sold Price
63 Homes Were Sold
Under Asking
23 Homes Were Sold
At Asking
30 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Kalamazoo, you may be able to get a good deal. 54.3% of homes here sold below asking price last month.
Summary: A total of 116 homes were sold or pending in Kalamazoo in March 2024, up by 26.1% month-over-month. Of the 116 sold homes, 54% were sold under asking, 20% were sold at asking, and 26% were sold over asking.
Days on Market for Kalamazoo, MI
How long does it take to sell a home in Kalamazoo, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 24 Days | 39 Days | +61.0% |
Summary: Homes in Kalamazoo had an average of 39 days on market in Mar 2024, up by 61% compared to last year.
Breakdown of Home Sale Times
65 Homes Were Sold
Under 30 Days
35 Homes Were Sold
In 30 - 90 Days
16 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Kalamazoo are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 116 homes were sold in Kalamazoo; 56% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
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.