Is Lowell, 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, Lowell has remained a Seller's Market.
Key Takeaway
Lowell is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lowell, MI
How much do homes in Lowell, MI cost?
Median Sold Price
$400,000
$241/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lowell have sold for 29% more than they did a year ago.
Summary: The median home sold price in Lowell was $400,000 in March 2024, up 29% from last year, and the median price per square foot was $241.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $216K | $170K | -21.3% |
| 2 Bedrooms | $242K | $332.5K | +37.4% |
| 3 Bedrooms | $250K | $337.5K | +35.0% |
| 4 Bedrooms | $365K | $450K | +23.3% |
| 5+ Bedrooms | $572.5K | $470K | -17.9% |
Summary: Lowell housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 21.3%, 2 bedroom homes increased by 37.4%, 3 bedroom homes increased by 35%, 4 bedroom homes increased by 23.3%, and 5+ bedroom homes decreased by 17.9%.
Median Sold Price Compared To Nearby Cities
| Lowell | $310K | $400K | +29.0% |
| Vergennes Township | $425K | $494.5K | +16.4% |
| Lowell Charter Township | $354.4K | $400.9K | +13.1% |
Housing Supply in Lowell, MI
How many homes are available in Lowell, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 37 | 38 | +2.7% |
Summary: The Lowell real estate market had 38 homes for sale in March 2024, a 2.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 5 | -16.7% |
| 3 Bedrooms | 17 | 14 | -17.6% |
| 4 Bedrooms | 12 | 16 | +33.3% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Lowell housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 16.7%, 3 bedroom homes decreased by 17.6%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 13 | 8 | -38.5% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lowell, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 8 homes were sold or pending in Lowell in March 2024, down by 38.5% month-over-month. Of the 8 sold homes, 25% were sold under asking, 50% were sold at asking, and 25% were sold over asking.
Days on Market for Lowell, MI
How long does it take to sell a home in Lowell, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 44 Days | 151 Days | +238.1% |
Summary: Homes in Lowell had an average of 151 days on market in Mar 2024, up by 238.1% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Lowell are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 8 homes were sold in Lowell; 25% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 75% 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.