Is Kalamazoo, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Kalamazoo has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $100K | $119K | +19.0% |
2 Bedrooms | $136.9K | $155K | +13.2% |
3 Bedrooms | $191K | $219.8K | +15.1% |
4 Bedrooms | $230K | $287.6K | +25.0% |
5+ Bedrooms | $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 | $180.1K | $220.1K | +22.2% |
Kalamazoo Charter Township | $185K | $220K | +18.9% |
Portage | $265K | $259.9K | -1.9% |
Housing Supply in Kalamazoo, MI
How many homes are available in Kalamazoo, MI?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
408 | 404 | -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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 8 | 9 | +12.5% |
2 Bedrooms | 85 | 84 | -1.2% |
3 Bedrooms | 170 | 163 | -4.1% |
4 Bedrooms | 107 | 105 | -1.9% |
5+ Bedrooms | 38 | 43 | +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 2024 | Feb 2024 | CHANGE |
---|---|---|
103 | 81 | -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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
23 Days | 31 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
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.