Is Jerome, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Jerome has remained a Seller's Market.
Key Takeaway
Jerome is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Jerome, MI
How much do homes in Jerome, MI cost?
Median Sold Price
$269,950
$197/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Jerome have sold for 12.5% more than they did a year ago.
Summary: The median home sold price in Jerome was $269,950 in April 2024, up 12.5% from last year, and the median price per square foot was $197.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $197.5K | $212K | +7.3% |
| 3 Bedrooms | $239.9K | $228.9K | -4.6% |
| 4 Bedrooms | $367.5K | $436.5K | +18.8% |
| 5+ Bedrooms | $347.5K | $467K | +34.4% |
Summary: Jerome housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 7.3%, 3 bedroom homes decreased by 4.6%, 4 bedroom homes increased by 18.8%, and 5+ bedroom homes increased by 34.4%.
Median Sold Price Compared To Nearby Cities
| Somerset Township | $255K | $319.5K | +25.3% |
| Cement City | $233.9K | $292.5K | +25.1% |
| Jerome | $239.9K | $269.9K | +12.5% |
Housing Supply in Jerome, MI
How many homes are available in Jerome, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 12 | 18 | +50.0% |
Summary: The Jerome real estate market had 18 homes for sale in April 2024, a 50.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 5 | 10 | +100.0% |
| 4 Bedrooms | 7 | 8 | +14.3% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Jerome housing inventory by bedroom type for April 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 100%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 2 | 4 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Jerome, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 4 homes were sold or pending in Jerome in April 2024, up by 100.0% month-over-month. Of the 4 sold homes, 25% were sold under asking, 50% were sold at asking, and 25% were sold over asking.
Days on Market for Jerome, MI
How long does it take to sell a home in Jerome, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 166 Days | 99 Days | -40.1% |
Summary: Homes in Jerome had an average of 99 days on market in Apr 2024, down by 40.1% 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 Jerome are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 4 homes were sold in Jerome; 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.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.
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.