Is Ravenna, 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, Ravenna has remained a Seller's Market.
Key Takeaway
Ravenna is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Ravenna, MI
How much do homes in Ravenna, MI cost?
Median Sold Price
$255,000
$182/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Ravenna have sold for 3% more than they did a year ago.
Summary: The median home sold price in Ravenna was $255,000 in March 2024, up 3% from last year, and the median price per square foot was $182.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $90K | - | N/A |
| 2 Bedrooms | $240K | $255.4K | +6.4% |
| 3 Bedrooms | $235K | $225.5K | -4.0% |
| 4 Bedrooms | $275K | $294.2K | +7.0% |
| 5+ Bedrooms | $380.5K | $280K | -26.4% |
Summary: Ravenna 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 6.4%, 3 bedroom homes decreased by 4%, 4 bedroom homes increased by 7%, and 5+ bedroom homes decreased by 26.4%.
Median Sold Price Compared To Nearby Cities
| Ravenna | $247.5K | $255K | +3.0% |
| Ravenna Township | $254K | $259.9K | +2.3% |
Housing Supply in Ravenna, MI
How many homes are available in Ravenna, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 12 | 14 | +16.7% |
Summary: The Ravenna real estate market had 14 homes for sale in March 2024, a 16.7% 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 | 3 | 2 | -33.3% |
| 3 Bedrooms | 5 | 7 | +40.0% |
| 4 Bedrooms | 3 | 4 | +33.3% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Ravenna 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 decreased by 33.3%, 3 bedroom homes increased by 40%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 4 | +33.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Ravenna, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Ravenna in March 2024, up by 33.3% month-over-month. Of the 4 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.
Days on Market for Ravenna, MI
How long does it take to sell a home in Ravenna, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 43 Days | 59 Days | +38.4% |
Summary: Homes in Ravenna had an average of 59 days on market in Mar 2024, up by 38.4% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Ravenna are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 4 homes were sold in Ravenna; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
