Is New Buffalo Township, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing New Buffalo Township is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, New Buffalo Township was a Neutral Market.

Key Takeaway

New Buffalo Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in New Buffalo Township, MI

How much do homes in New Buffalo Township, MI cost?

Median Sold Price

$585,000

$387/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$75,500(-11.4%)

Key Takeaway

Homes in New Buffalo Township have sold for 11.4% less than they did a year ago.

Summary: The median home sold price in New Buffalo Township was $585,000 in February 2024, down 11.4% from last year, and the median price per square foot was $387.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $345K$350K
+1.4%
2 $365.5K$437.5K
+19.7%
3 $570K$500K
-12.3%
4 $882.5K$707K
-19.9%
5+ $1.4M$1.3M
-6.1%

Summary: New Buffalo Township housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.4%, 2 bedroom homes increased by 19.7%, 3 bedroom homes decreased by 12.3%, 4 bedroom homes decreased by 19.9%, and 5+ bedroom homes decreased by 6.1%.

Median Sold Price Compared To Nearby Cities

Union Pier
+26.6%
New Buffalo
+6.0%
New Buffalo Township
-11.4%

Housing Supply in New Buffalo Township, MI

How many homes are available in New Buffalo Township, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
5161+19.6%

Summary: The New Buffalo Township real estate market had 61 homes for sale in February 2024, a 19.6% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 12
+100.0%
2 107
-30.0%
3 1823
+27.8%
4 916
+77.8%
5+ 1313
0.0%

Summary: The New Buffalo Township housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 30%, 3 bedroom homes increased by 27.8%, 4 bedroom homes increased by 77.8%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
65-16.7%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in New Buffalo Township, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 5 homes were sold or pending in New Buffalo Township in February 2024, down by 16.7% month-over-month. Of the 5 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.

Days on Market for New Buffalo Township, MI

How long does it take to sell a home in New Buffalo Township, MI?

Average Sale Time

Feb 2023Feb 2024CHANGE
2 Days129 Days+6380.0%

Summary: Homes in New Buffalo Township had an average of 129 days on market in Feb 2024, up by 6380% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in New Buffalo Township are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During February 2024, 5 homes were sold in New Buffalo Township; 20% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 60% 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 2 Days Ago

Newest Listings in New Buffalo Township, MI

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