Is Morenci, 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, Morenci has remained a Seller's Market.
Housing Prices in Morenci, MI
How much do homes in Morenci, MI cost?
Median Sold Price
$108,000
$83/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Morenci was $108,000 in April 2024, down 7.3% from last year, and the median price per square foot was $83.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $37.5K | $65K | +73.3% |
2 Bedrooms | $80K | $68K | -15.0% |
3 Bedrooms | $124K | $111K | -10.5% |
4 Bedrooms | $113.5K | $129K | +13.7% |
5+ Bedrooms | $127.5K | - | N/A |
Summary: Morenci housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 73.3%, 2 bedroom homes decreased by 15%, 3 bedroom homes decreased by 10.5%, 4 bedroom homes increased by 13.7%, and 5+ bedroom homes did not change.
Housing Supply in Morenci, MI
How many homes are available in Morenci, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
18 | 20 | +11.1% |
Summary: The Morenci real estate market had 20 homes for sale in April 2024, a 11.1% 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 | 2 | 4 | +100.0% |
3 Bedrooms | 13 | 13 | 0.0% |
4 Bedrooms | 3 | 3 | 0.0% |
5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Morenci 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 increased by 100%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
1 | 6 | +500.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 6 homes were sold or pending in Morenci in April 2024, up by 500.0% month-over-month. Of the 6 sold homes, 67% were sold under asking, 17% were sold at asking, and 17% were sold over asking.
Days on Market for Morenci, MI
How long does it take to sell a home in Morenci, MI?
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 6 homes were sold in Morenci; 33% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.