Is Monroe, 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, Monroe has remained a Seller's Market.
Housing Prices in Monroe, MI
How much do homes in Monroe, MI cost?
Median Sold Price
$203,000
$149/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Monroe was $203,000 in March 2024, up 19.9% from last year, and the median price per square foot was $149.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $42.9K | $77.5K | +80.7% |
2 Bedrooms | $130K | $152K | +16.9% |
3 Bedrooms | $177.5K | $200K | +12.7% |
4 Bedrooms | $200K | $288.9K | +44.5% |
5+ Bedrooms | $182K | $313.4K | +72.2% |
Summary: Monroe housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 80.7%, 2 bedroom homes increased by 16.9%, 3 bedroom homes increased by 12.7%, 4 bedroom homes increased by 44.5%, and 5+ bedroom homes increased by 72.2%.
Median Sold Price Compared To Nearby Cities
Monroe | $169.2K | $203K | +19.9% |
Monroe Charter Township | $180.6K | $203.5K | +12.7% |
Frenchtown Township | $212.1K | $217.4K | +2.5% |
Housing Supply in Monroe, MI
How many homes are available in Monroe, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
173 | 171 | -1.2% |
Summary: The Monroe real estate market had 171 homes for sale in March 2024, a 1.2% decrease compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 1 | -66.7% |
2 Bedrooms | 32 | 37 | +15.6% |
3 Bedrooms | 91 | 90 | -1.1% |
4 Bedrooms | 36 | 32 | -11.1% |
5+ Bedrooms | 11 | 11 | 0.0% |
Summary: The Monroe housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 66.7%, 2 bedroom homes increased by 15.6%, 3 bedroom homes decreased by 1.1%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
47 | 52 | +10.6% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
28 Homes Were Sold
Over Asking
Summary: A total of 52 homes were sold or pending in Monroe in March 2024, up by 10.6% month-over-month. Of the 52 sold homes, 23% were sold under asking, 23% were sold at asking, and 54% were sold over asking.
Days on Market for Monroe, MI
How long does it take to sell a home in Monroe, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
66 Days | 35 Days | -47.0% |
Summary: Homes in Monroe had an average of 35 days on market in Mar 2024, down by 47% compared to last year.
Breakdown of Home Sale Times
30 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Summary: During March 2024, 52 homes were sold in Monroe; 58% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.