Is Kalamazoo, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
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
$214,714
$161/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Kalamazoo have sold for 22.6% more than they did a year ago.
Summary: The median home sold price in Kalamazoo was $214,714 in November 2023, up 22.6% from last year, and the median price per square foot was $161.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $112K | $105.7K | -5.6% |
| 2 Bedrooms | $137.5K | $155K | +12.7% |
| 3 Bedrooms | $188.9K | $210K | +11.1% |
| 4 Bedrooms | $222.3K | $289.3K | +30.1% |
| 5+ Bedrooms | $267K | $385.5K | +44.4% |
Summary: Kalamazoo housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 5.6%, 2 bedroom homes increased by 12.7%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 30.1%, and 5+ bedroom homes increased by 44.4%.
Median Sold Price Compared To Nearby Cities
| Kalamazoo | $175K | $214.7K | +22.6% |
| Kalamazoo Charter Township | $183.2K | $217K | +18.5% |
| Parchment | $180K | $206.7K | +14.9% |
| Portage | $264.2K | $260K | -1.6% |
Housing Supply in Kalamazoo, MI
How many homes are available in Kalamazoo, MI?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 505 | 458 | -9.3% |
Summary: The Kalamazoo real estate market had 458 homes for sale in November 2023, a 9.3% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 9 | 7 | -22.2% |
| 2 Bedrooms | 95 | 105 | +10.5% |
| 3 Bedrooms | 231 | 192 | -16.9% |
| 4 Bedrooms | 127 | 113 | -11.0% |
| 5+ Bedrooms | 43 | 41 | -4.7% |
Summary: The Kalamazoo housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 22.2%, 2 bedroom homes increased by 10.5%, 3 bedroom homes decreased by 16.9%, 4 bedroom homes decreased by 11%, and 5+ bedroom homes decreased by 4.7%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 166 | 103 | -38.0% |
Asking Price vs. Sold Price
42 Homes Were Sold
Under Asking
27 Homes Were Sold
At Asking
34 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Kalamazoo, you may be able to get a good deal. 40.8% of homes here sold below asking price last month.
Summary: A total of 103 homes were sold or pending in Kalamazoo in November 2023, down by 38.0% month-over-month. Of the 103 sold homes, 41% were sold under asking, 26% were sold at asking, and 33% 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
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 18 Days | 22 Days | +18.6% |
Summary: Homes in Kalamazoo had an average of 22 days on market in Nov 2023, up by 18.6% compared to last year.
Breakdown of Home Sale Times
83 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
6 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 November 2023, 103 homes were sold in Kalamazoo; 81% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 6% 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.