Is Kalamazoo, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Kalamazoo is a seller's market

Buyer's
Market

Difference Since February 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

$220,178

$167/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$39,991(+22.2%)

Key Takeaway

Homes in Kalamazoo have sold for 22.2% more than they did a year ago.

Summary: The median home sold price in Kalamazoo was $220,178 in February 2024, up 22.2% from last year, and the median price per square foot was $167.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $100K$119K
+19.0%
2 $136.9K$155K
+13.2%
3 $191K$219.8K
+15.1%
4 $230K$287.6K
+25.0%
5+ $275K$425K
+54.5%

Summary: Kalamazoo housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19%, 2 bedroom homes increased by 13.2%, 3 bedroom homes increased by 15.1%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 54.5%.

Median Sold Price Compared To Nearby Cities

Kalamazoo
+22.2%
Kalamazoo Charter Township
+18.9%
Portage
-1.9%

Housing Supply in Kalamazoo, MI

How many homes are available in Kalamazoo, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
408404-1.0%

Summary: The Kalamazoo real estate market had 404 homes for sale in February 2024, a 1.0% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 89
+12.5%
2 8584
-1.2%
3 170163
-4.1%
4 107105
-1.9%
5+ 3843
+13.2%

Summary: The Kalamazoo housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.5%, 2 bedroom homes decreased by 1.2%, 3 bedroom homes decreased by 4.1%, 4 bedroom homes decreased by 1.9%, and 5+ bedroom homes increased by 13.2%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
10381-21.4%

Asking Price vs. Sold Price

36 Homes Were Sold
Under Asking

18 Homes Were Sold
At Asking

27 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Kalamazoo, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.

Summary: A total of 81 homes were sold or pending in Kalamazoo in February 2024, down by 21.4% month-over-month. Of the 81 sold homes, 44% were sold under asking, 22% 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

Feb 2023Feb 2024CHANGE
23 Days31 Days+36.8%

Summary: Homes in Kalamazoo had an average of 31 days on market in Feb 2024, up by 36.8% compared to last year.

Breakdown of Home Sale Times

52 Homes Were Sold
Under 30 Days

23 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 81 homes were sold in Kalamazoo; 64% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 7% 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

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