Is Petersburg, 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, Petersburg has remained a Seller's Market.
Key Takeaway
Petersburg is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Petersburg, MI
How much do homes in Petersburg, MI cost?
Median Sold Price
$245,000
$160/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Petersburg have sold for 15.3% more than they did a year ago.
Summary: The median home sold price in Petersburg was $245,000 in March 2024, up 15.3% from last year, and the median price per square foot was $160.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $107.5K | - | N/A |
| 2 Bedrooms | $159K | $179K | +12.6% |
| 3 Bedrooms | $215.1K | $240K | +11.6% |
| 4 Bedrooms | $250K | $380K | +52.0% |
| 5+ Bedrooms | $547.4K | - | N/A |
Summary: Petersburg housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 12.6%, 3 bedroom homes increased by 11.6%, 4 bedroom homes increased by 52%, and 5+ bedroom homes did not change.
Housing Supply in Petersburg, MI
How many homes are available in Petersburg, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 15 | 15 | 0.0% |
Summary: The Petersburg real estate market had 15 homes for sale in March 2024, the same as February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 3 | 0.0% |
| 3 Bedrooms | 8 | 6 | -25.0% |
| 4 Bedrooms | 4 | 6 | +50.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Petersburg 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 decreased by 25%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 4 | 4 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Petersburg, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Petersburg in March 2024, the same as the previous month. Of the 4 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.
Days on Market for Petersburg, MI
How long does it take to sell a home in Petersburg, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 41 Days | 16 Days | -61.0% |
Summary: Homes in Petersburg had an average of 16 days on market in Mar 2024, down by 61% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Petersburg are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 4 homes were sold in Petersburg; 75% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
