Is Luther, 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, Luther has remained a Buyer's Market.
Key Takeaway
Luther is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Luther, MI
How much do homes in Luther, MI cost?
Median Sold Price
$150,000
$113/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Luther have sold for 42.9% more than they did a year ago.
Summary: The median home sold price in Luther was $150,000 in March 2024, up 42.9% from last year, and the median price per square foot was $113.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $72.5K | $62.7K | -13.5% |
| 2 Bedrooms | $131.5K | $145K | +10.3% |
| 3 Bedrooms | $137.5K | $235K | +70.9% |
| 4 Bedrooms | $78.5K | $179.9K | +129.2% |
| 5+ Bedrooms | - | - | N/A |
Summary: Luther housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 13.5%, 2 bedroom homes increased by 10.3%, 3 bedroom homes increased by 70.9%, 4 bedroom homes increased by 129.2%, and 5+ bedroom homes did not change.
Housing Supply in Luther, MI
How many homes are available in Luther, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 12 | 9 | -25.0% |
Summary: The Luther real estate market had 9 homes for sale in March 2024, a 25.0% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 3 | 1 | -66.7% |
| 3 Bedrooms | 6 | 5 | -16.7% |
| 4 Bedrooms | 0 | 0 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Luther 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 66.7%, 3 bedroom homes decreased by 16.7%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 1 | -66.7% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Luther, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in Luther in March 2024, down by 66.7% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Luther, MI
How long does it take to sell a home in Luther, MI?
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Most homes in Luther are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 1 homes were sold in Luther; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% of homes were sold over 90 days.
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