Is Morenci, 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, Morenci has remained a Buyer's Market.
Key Takeaway
Morenci is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Morenci, MI
How much do homes in Morenci, MI cost?
Median Sold Price
$108,000
$75/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Morenci have sold for 1.8% less than they did a year ago.
Summary: The median home sold price in Morenci was $108,000 in March 2024, down 1.8% from last year, and the median price per square foot was $75.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $37.5K | $65K | +73.3% |
| 2 Bedrooms | $73.4K | $68K | -7.4% |
| 3 Bedrooms | $123K | $114.2K | -7.1% |
| 4 Bedrooms | $113.5K | $123K | +8.4% |
| 5+ Bedrooms | $127.5K | - | N/A |
Summary: Morenci housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 73.3%, 2 bedroom homes decreased by 7.4%, 3 bedroom homes decreased by 7.1%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes did not change.
Housing Supply in Morenci, MI
How many homes are available in Morenci, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 13 | 15 | +15.4% |
Summary: The Morenci real estate market had 15 homes for sale in March 2024, a 15.4% 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 | 1 | 1 | 0.0% |
| 3 Bedrooms | 11 | 12 | +9.1% |
| 4 Bedrooms | 1 | 2 | +100.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Morenci 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 remained the same, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1 | 1 | 0.0% |
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 Morenci, 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 Morenci in March 2024, the same as the previous 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 Morenci, MI
How long does it take to sell a home in Morenci, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 53 Days | 42 Days | -20.8% |
Summary: Homes in Morenci had an average of 42 days on market in Mar 2024, down by 20.8% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Morenci has remained consistent over time.
Summary: During March 2024, 1 homes were sold in Morenci; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.