Is Pembroke, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Pembroke was a Seller's Market.
Key Takeaway
Pembroke is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Pembroke, MI
How much do homes in Pembroke, MI cost?
Median Sold Price
$110,500
$93/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Pembroke have sold for 5.8% less than they did a year ago.
Summary: The median home sold price in Pembroke was $110,500 in May 2024, down 5.8% from last year, and the median price per square foot was $93.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $57K | $55K | -3.5% |
| 3 Bedrooms | $120K | $115.5K | -3.8% |
| 4 Bedrooms | $180K | $150.7K | -16.3% |
| 5+ Bedrooms | $165K | $172.5K | +4.5% |
Summary: Pembroke housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 3.5%, 3 bedroom homes decreased by 3.8%, 4 bedroom homes decreased by 16.3%, and 5+ bedroom homes increased by 4.5%.
Median Sold Price Compared To Nearby Neighborhoods
| Bagley Community | $180.9K | $188.5K | +4.2% |
| Pembroke | $117.2K | $110.5K | -5.8% |
| North | $129.9K | $119.9K | -7.7% |
| Bagley | $164.8K | $150K | -9.0% |
| Sherwood Forest | $458.8K | $364K | -20.7% |
Housing Supply in Pembroke, MI
How many homes are available in Pembroke, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 70 | 71 | +1.4% |
Summary: The Pembroke real estate market had 71 homes for sale in May 2024, a 1.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 11 | 12 | +9.1% |
| 3 Bedrooms | 53 | 53 | 0.0% |
| 4 Bedrooms | 5 | 5 | 0.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Pembroke 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 9.1%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 14 | 9 | -35.7% |
Asking Price vs. Sold Price
5 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 Pembroke, you may be able to get a good deal. 55.6% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Pembroke in May 2024, down by 35.7% month-over-month. Of the 9 sold homes, 56% were sold under asking, 11% were sold at asking, and 33% were sold over asking.
Days on Market for Pembroke, MI
How long does it take to sell a home in Pembroke, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 27 Days | 81 Days | +200.2% |
Summary: Homes in Pembroke had an average of 81 days on market in May 2024, up by 200.2% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Pembroke are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 9 homes were sold in Pembroke; 56% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 22% 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.