Is Monroe County, 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, Monroe County has remained a Seller's Market.
Key Takeaway
Monroe County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Monroe County, MI
How much do homes in Monroe County, MI cost?
Median Sold Price
$239,977
$157/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Monroe County have sold for 4.6% more than they did a year ago.
Summary: The median home sold price in Monroe County was $239,977 in April 2024, up 4.6% from last year, and the median price per square foot was $157.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $97.5K | $104K | +6.7% |
| 2 Bedrooms | $150K | $162.5K | +8.3% |
| 3 Bedrooms | $225.1K | $235K | +4.4% |
| 4 Bedrooms | $300K | $305K | +1.7% |
| 5+ Bedrooms | $295K | $321K | +8.8% |
Summary: Monroe County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.7%, 2 bedroom homes increased by 8.3%, 3 bedroom homes increased by 4.4%, 4 bedroom homes increased by 1.7%, and 5+ bedroom homes increased by 8.8%.
Median Sold Price Compared To Nearby Counties
| Lucas County | $149.8K | $159.9K | +6.8% |
| Washtenaw County | $369.7K | $390.1K | +5.5% |
| Monroe County | $229.4K | $239.9K | +4.6% |
| Wayne County | $179.7K | $181K | +0.7% |
Housing Supply in Monroe County, MI
How many homes are available in Monroe County, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 423 | 424 | 0.2% |
Summary: The Monroe County real estate market had 424 homes for sale in April 2024, a 0.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 68 | 59 | -13.2% |
| 3 Bedrooms | 239 | 240 | 0.4% |
| 4 Bedrooms | 91 | 99 | +8.8% |
| 5+ Bedrooms | 24 | 24 | 0.0% |
Summary: The Monroe County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 13.2%, 3 bedroom homes increased by 0.4%, 4 bedroom homes increased by 8.8%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 131 | 145 | +10.7% |
Asking Price vs. Sold Price
66 Homes Were Sold
Under Asking
21 Homes Were Sold
At Asking
58 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Monroe County, you may be able to get a good deal. 45.5% of homes here sold below asking price last month.
Summary: A total of 145 homes were sold or pending in Monroe County in April 2024, up by 10.7% month-over-month. Of the 145 sold homes, 46% were sold under asking, 14% were sold at asking, and 40% were sold over asking.
Days on Market for Monroe County, MI
How long does it take to sell a home in Monroe County, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 45 Days | 41 Days | -8.3% |
Summary: Homes in Monroe County had an average of 41 days on market in Apr 2024, down by 8.3% compared to last year.
Breakdown of Home Sale Times
83 Homes Were Sold
Under 30 Days
40 Homes Were Sold
In 30 - 90 Days
22 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Monroe County are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 145 homes were sold in Monroe County; 57% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 15% 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.
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.