Is Burbank, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Burbank has remained a Buyer's Market.
Key Takeaway
Burbank is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Burbank, MI
How much do homes in Burbank, MI cost?
Median Sold Price
$41,500
$44/sqft
Based on all homes sold in May 2024.
Difference Since Last Month
Key Takeaway
Homes in Burbank have sold for 24.5% less than they did a month ago.
Summary: The median home sold price in Burbank was $41,500 in May 2024, down 24.5% from last month, and the median price per square foot was $44.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $3K | N/A |
| 2 Bedrooms | $32.5K | $41.5K | +27.7% |
| 3 Bedrooms | $55K | $57.5K | +4.5% |
| 4 Bedrooms | $50K | - | N/A |
| 5+ Bedrooms | $140K | - | N/A |
Summary: Burbank housing prices by bedroom type for May 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 27.7%, 3 bedroom homes increased by 4.5%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Regent Park | $82K | $113K | +37.8% |
| Burbank | $55K | $41.5K | -24.5% |
Housing Supply in Burbank, MI
How many homes are available in Burbank, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 93 | 102 | +9.7% |
Summary: The Burbank real estate market had 102 homes for sale in May 2024, a 9.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 17 | 19 | +11.8% |
| 3 Bedrooms | 70 | 79 | +12.9% |
| 4 Bedrooms | 3 | 2 | -33.3% |
| 5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Burbank housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 12.9%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 8 | -27.3% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Burbank, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Burbank in May 2024, down by 27.3% month-over-month. Of the 8 sold homes, 50% were sold under asking, 13% were sold at asking, and 38% were sold over asking.
Days on Market for Burbank, MI
How long does it take to sell a home in Burbank, MI?
Average Sale Time
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 90 Days | 54 Days | -39.7% |
Summary: Homes in Burbank had an average of 54 days on market in May 2024, down by 39.7% compared to last month.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Burbank are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 8 homes were sold in Burbank; 38% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 25% 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.