Is Lower East, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Lower East was a Seller's Market.
Key Takeaway
Lower East is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lower East, MI
How much do homes in Lower East, MI cost?
Median Sold Price
$107,850
$80/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Lower East have sold for 15.8% less than they did a year ago.
Summary: The median home sold price in Lower East was $107,850 in April 2024, down 15.8% from last year, and the median price per square foot was $80.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $68.5K | $57K | -16.8% |
| 2 Bedrooms | $91.5K | $90K | -1.6% |
| 3 Bedrooms | $122.1K | $105.7K | -13.4% |
| 4 Bedrooms | $140K | $109K | -22.1% |
| 5+ Bedrooms | $217.5K | $179.2K | -17.6% |
Summary: Lower East housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 16.8%, 2 bedroom homes decreased by 1.6%, 3 bedroom homes decreased by 13.4%, 4 bedroom homes decreased by 22.1%, and 5+ bedroom homes decreased by 17.6%.
Median Sold Price Compared To Nearby Neighborhoods
| East Riverside | $172.4K | $150K | -13.0% |
| Lower East | $128.1K | $107.8K | -15.8% |
Housing Supply in Lower East, MI
How many homes are available in Lower East, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 325 | 358 | +10.2% |
Summary: The Lower East real estate market had 358 homes for sale in April 2024, a 10.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 19 | 23 | +21.1% |
| 2 Bedrooms | 43 | 47 | +9.3% |
| 3 Bedrooms | 174 | 183 | +5.2% |
| 4 Bedrooms | 62 | 77 | +24.2% |
| 5+ Bedrooms | 27 | 28 | +3.7% |
Summary: The Lower East housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 21.1%, 2 bedroom homes increased by 9.3%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 24.2%, and 5+ bedroom homes increased by 3.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 52 | 47 | -9.6% |
Asking Price vs. Sold Price
27 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lower East, you may be able to get a good deal. 57.4% of homes here sold below asking price last month.
Summary: A total of 47 homes were sold or pending in Lower East in April 2024, down by 9.6% month-over-month. Of the 47 sold homes, 57% were sold under asking, 17% were sold at asking, and 26% were sold over asking.
Days on Market for Lower East, MI
How long does it take to sell a home in Lower East, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 130 Days | 55 Days | -57.1% |
Summary: Homes in Lower East had an average of 55 days on market in Apr 2024, down by 57.1% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
9 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lower East are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 47 homes were sold in Lower East; 53% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.