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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lowell is a seller's market

Buyer's
Market

Difference Since February 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

$390,000

$237/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$80,000(+25.8%)

Key Takeaway

Homes in Lowell have sold for 25.8% more than they did a year ago.

Summary: The median home sold price in Lowell was $390,000 in February 2024, up 25.8% from last year, and the median price per square foot was $237.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $254K$174K
-31.5%
2 $220K$332.4K
+51.1%
3 $261.5K$315K
+20.5%
4 $328.7K$445K
+35.4%
5+ $560K$487.9K
-12.9%

Summary: Lowell housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 31.5%, 2 bedroom homes increased by 51.1%, 3 bedroom homes increased by 20.5%, 4 bedroom homes increased by 35.4%, and 5+ bedroom homes decreased by 12.9%.

Median Sold Price Compared To Nearby Cities

Lowell
+25.8%
Vergennes Township
+20.1%
Lowell Charter Township
+8.3%

Housing Supply in Lowell, MI

How many homes are available in Lowell, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
3432-5.9%

Summary: The Lowell real estate market had 32 homes for sale in February 2024, a 5.9% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 10
-100.0%
2 76
-14.3%
3 1416
+14.3%
4 108
-20.0%
5+ 22
0.0%

Summary: The Lowell housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 14.3%, 3 bedroom homes increased by 14.3%, 4 bedroom homes decreased by 20%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
118-27.3%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lowell, you may be able to get a good deal. 37.5% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in Lowell in February 2024, down by 27.3% month-over-month. Of the 8 sold homes, 38% were sold under asking, 38% 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

Feb 2023Feb 2024CHANGE
55 Days68 Days+24.5%

Summary: Homes in Lowell had an average of 68 days on market in Feb 2024, up by 24.5% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 8 homes were sold in Lowell; 63% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 38% 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

Newest Listings in Lowell, MI

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