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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Muskegon is a seller's market

Buyer's
Market

Difference Since September 2023

Since last year, Muskegon has remained a Seller's Market.

Key Takeaway

Muskegon is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Muskegon, MI

How much do homes in Muskegon, MI cost?

Median Sold Price

$184,992

$161/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$14,125(+8.3%)

Key Takeaway

Homes in Muskegon have sold for 8.3% more than they did a year ago.

Summary: The median home sold price in Muskegon was $184,992 in September 2024, up 8.3% from last year, and the median price per square foot was $161.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $104K$87.9K
-15.5%
2 $125K$147.9K
+18.4%
3 $186.8K$204.8K
+9.7%
4 $215K$244.9K
+13.9%
5+ $285.4K$326.5K
+14.4%

Summary: Muskegon housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 15.5%, 2 bedroom homes increased by 18.4%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 13.9%, and 5+ bedroom homes increased by 14.4%.

Median Sold Price Compared To Nearby Cities

Muskegon Heights
+30.5%
North Muskegon
+12.5%
Norton Shores
+12.5%
Muskegon
+8.3%
Muskegon Charter Township
+7.5%

Housing Supply in Muskegon, MI

How many homes are available in Muskegon, MI?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
483442-8.5%

Summary: The Muskegon real estate market had 442 homes for sale in September 2024, a 8.5% decrease compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 85
-37.5%
2 130124
-4.6%
3 228212
-7.0%
4 8676
-11.6%
5+ 3125
-19.4%

Summary: The Muskegon housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 37.5%, 2 bedroom homes decreased by 4.6%, 3 bedroom homes decreased by 7%, 4 bedroom homes decreased by 11.6%, and 5+ bedroom homes decreased by 19.4%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
14394-34.3%

Asking Price vs. Sold Price

42 Homes Were Sold
Under Asking

13 Homes Were Sold
At Asking

39 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Muskegon, you may be able to get a good deal. 44.7% of homes here sold below asking price last month.

Summary: A total of 94 homes were sold or pending in Muskegon in September 2024, down by 34.3% month-over-month. Of the 94 sold homes, 45% were sold under asking, 14% were sold at asking, and 41% were sold over asking.

Days on Market for Muskegon, MI

How long does it take to sell a home in Muskegon, MI?

Average Sale Time

Sep 2023Sep 2024CHANGE
38 Days27 Days-28.6%

Summary: Homes in Muskegon had an average of 27 days on market in Sep 2024, down by 28.6% compared to last year.

Breakdown of Home Sale Times

65 Homes Were Sold
Under 30 Days

21 Homes Were Sold
In 30 - 90 Days

8 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During September 2024, 94 homes were sold in Muskegon; 69% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 9% 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 30 Days Ago

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