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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Kentwood is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Kentwood has remained a Seller's Market.

Key Takeaway

Kentwood is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Kentwood, MI

How much do homes in Kentwood, MI cost?

Median Sold Price

$309,666

$228/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$10,229(+3.4%)

Key Takeaway

Homes in Kentwood have sold for 3.4% more than they did a year ago.

Summary: The median home sold price in Kentwood was $309,666 in May 2024, up 3.4% from last year, and the median price per square foot was $228.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $160K$204.9K
+28.1%
2 $181K$199.9K
+10.4%
3 $293K$305K
+4.1%
4 $350K$358K
+2.3%
5+ $402.5K$476.6K
+18.4%

Summary: Kentwood housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 28.1%, 2 bedroom homes increased by 10.4%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 2.3%, and 5+ bedroom homes increased by 18.4%.

Median Sold Price Compared To Nearby Cities

Wyoming
+10.6%
Grand Rapids
+9.0%
Gaines Charter Township
+6.0%
Cascade Charter Township
+3.8%
Kentwood
+3.4%

Housing Supply in Kentwood, MI

How many homes are available in Kentwood, MI?

Number of Homes For Sale

Apr 2024May 2024CHANGE
126145+15.1%

Summary: The Kentwood real estate market had 145 homes for sale in May 2024, a 15.1% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 12
+100.0%
2 2026
+30.0%
3 5569
+25.5%
4 4140
-2.4%
5+ 98
-11.1%

Summary: The Kentwood housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 30%, 3 bedroom homes increased by 25.5%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes decreased by 11.1%.

Number of Homes Sold

Apr 2024May 2024CHANGE
3747+27.0%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

13 Homes Were Sold
At Asking

22 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Kentwood, you could pay more than the asking price. 46.8% of homes here sold above asking price last month.

Summary: A total of 47 homes were sold or pending in Kentwood in May 2024, up by 27.0% month-over-month. Of the 47 sold homes, 26% were sold under asking, 28% were sold at asking, and 47% were sold over asking.

Days on Market for Kentwood, MI

How long does it take to sell a home in Kentwood, MI?

Average Sale Time

May 2023May 2024CHANGE
29 Days12 Days-57.9%

Summary: Homes in Kentwood had an average of 12 days on market in May 2024, down by 57.9% compared to last year.

Breakdown of Home Sale Times

42 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 47 homes were sold in Kentwood; 89% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 0% 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 13 Days Ago

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