Is West Olive, 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, West Olive has remained a Seller's Market.
Key Takeaway
West Olive is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in West Olive, MI
How much do homes in West Olive, MI cost?
Median Sold Price
$425,000
$296/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in West Olive have sold for 5.6% less than they did a year ago.
Summary: The median home sold price in West Olive was $425,000 in March 2024, down 5.6% from last year, and the median price per square foot was $296.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $317K | $320K | +0.9% |
| 3 Bedrooms | $440K | $402.5K | -8.5% |
| 4 Bedrooms | $495K | $529.9K | +7.1% |
| 5+ Bedrooms | $550K | $604.2K | +9.9% |
Summary: West Olive 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 0.9%, 3 bedroom homes decreased by 8.5%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 9.9%.
Median Sold Price Compared To Nearby Cities
| Olive Township | $354K | $383K | +8.2% |
| Grand Haven Charter Township | $344.9K | $349.9K | +1.5% |
| Port Sheldon Township | $478.7K | $455K | -5.0% |
| West Olive | $450K | $425K | -5.6% |
Housing Supply in West Olive, MI
How many homes are available in West Olive, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 18 | 23 | +27.8% |
Summary: The West Olive real estate market had 23 homes for sale in March 2024, a 27.8% 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 | 2 | 2 | 0.0% |
| 3 Bedrooms | 11 | 12 | +9.1% |
| 4 Bedrooms | 1 | 5 | +400.0% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The West Olive 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 increased by 9.1%, 4 bedroom homes increased by 400%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 7 | +133.3% |
Asking Price vs. Sold Price
5 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 West Olive, you may be able to get a good deal. 71.4% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in West Olive in March 2024, up by 133.3% month-over-month. Of the 7 sold homes, 71% were sold under asking, 14% were sold at asking, and 14% were sold over asking.
Days on Market for West Olive, MI
How long does it take to sell a home in West Olive, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 40 Days | 19 Days | -52.5% |
Summary: Homes in West Olive had an average of 19 days on market in Mar 2024, down by 52.5% compared to last year.
Breakdown of Home Sale Times
6 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 West Olive are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 7 homes were sold in West Olive; 86% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.