Is Whitmore Lake, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Whitmore Lake is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Whitmore Lake was a Seller's Market.

Key Takeaway

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

Housing Prices in Whitmore Lake, MI

How much do homes in Whitmore Lake, MI cost?

Median Sold Price

$381,000

$224/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$31,000(+8.9%)

Key Takeaway

Homes in Whitmore Lake have sold for 8.9% more than they did a year ago.

Summary: The median home sold price in Whitmore Lake was $381,000 in February 2024, up 8.9% from last year, and the median price per square foot was $224.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 -$357.5K
N/A
2 $253K$238K
-5.9%
3 $315K$353.7K
+12.3%
4 $420.5K$495K
+17.7%
5+ $622.1K$409K
-34.3%

Summary: Whitmore Lake housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 5.9%, 3 bedroom homes increased by 12.3%, 4 bedroom homes increased by 17.7%, and 5+ bedroom homes decreased by 34.3%.

Median Sold Price Compared To Nearby Cities

Whitmore Lake
+8.9%
Hamburg Township
+4.7%
Webster Township
+3.5%

Housing Supply in Whitmore Lake, MI

How many homes are available in Whitmore Lake, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
2226+18.2%

Summary: The Whitmore Lake real estate market had 26 homes for sale in February 2024, a 18.2% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 42
-50.0%
3 1011
+10.0%
4 813
+62.5%
5+ 00
0.0%

Summary: The Whitmore Lake housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 62.5%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
62-66.7%

Asking Price vs. Sold Price

2 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 Whitmore Lake, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 2 homes were sold or pending in Whitmore Lake in February 2024, down by 66.7% month-over-month. Of the 2 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.

Days on Market for Whitmore Lake, MI

How long does it take to sell a home in Whitmore Lake, MI?

Average Sale Time

Feb 2023Feb 2024CHANGE
31 Days99 Days+219.4%

Summary: Homes in Whitmore Lake had an average of 99 days on market in Feb 2024, up by 219.4% compared to last year.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Whitmore Lake has remained consistent over time.

Summary: During February 2024, 2 homes were sold in Whitmore Lake; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% 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 28 Days Ago

Newest Listings in Whitmore Lake, MI

Nearby Markets to Whitmore Lake, MI

What housing markets are near Whitmore Lake, MI?