Is Reed City, 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, Reed City has remained a Seller's Market.
Key Takeaway
Reed City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Reed City, MI
How much do homes in Reed City, MI cost?
Median Sold Price
$158,325
$113/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Reed City have sold for 17.3% more than they did a year ago.
Summary: The median home sold price in Reed City was $158,325 in March 2024, up 17.3% from last year, and the median price per square foot was $113.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $75K | $215K | +186.7% |
| 2 Bedrooms | $121.5K | $132.5K | +9.1% |
| 3 Bedrooms | $131.2K | $149.9K | +14.2% |
| 4 Bedrooms | $160K | $230K | +43.8% |
| 5+ Bedrooms | - | $282K | N/A |
Summary: Reed City housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 186.7%, 2 bedroom homes increased by 9.1%, 3 bedroom homes increased by 14.2%, 4 bedroom homes increased by 43.8%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Richmond Township | $165K | $255K | +54.5% |
| Reed City | $135K | $158.3K | +17.3% |
Housing Supply in Reed City, MI
How many homes are available in Reed City, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 15 | 20 | +33.3% |
Summary: The Reed City real estate market had 20 homes for sale in March 2024, a 33.3% 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 | 5 | +66.7% |
| 3 Bedrooms | 6 | 7 | +16.7% |
| 4 Bedrooms | 5 | 2 | -60.0% |
| 5+ Bedrooms | 1 | 6 | +500.0% |
Summary: The Reed City 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 increased by 66.7%, 3 bedroom homes increased by 16.7%, 4 bedroom homes decreased by 60%, and 5+ bedroom homes increased by 500%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 6 | +100.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Reed City, you may be able to get a good deal. 83.3% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in Reed City in March 2024, up by 100.0% month-over-month. Of the 6 sold homes, 83% were sold under asking, 0% were sold at asking, and 17% were sold over asking.
Days on Market for Reed City, MI
How long does it take to sell a home in Reed City, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 32 Days | 42 Days | +33.2% |
Summary: Homes in Reed City had an average of 42 days on market in Mar 2024, up by 33.2% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Reed City are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 6 homes were sold in Reed City; 50% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.