Is South, 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, South has remained a Seller's Market.
Key Takeaway
South is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in South, MI
How much do homes in South, MI cost?
Median Sold Price
$321,250
$257/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in South have sold for 3.3% more than they did a year ago.
Summary: The median home sold price in South was $321,250 in April 2024, up 3.3% from last year, and the median price per square foot was $257.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $165K | $175K | +6.1% |
| 2 Bedrooms | $220.2K | $231K | +4.9% |
| 3 Bedrooms | $333K | $350K | +5.1% |
| 4 Bedrooms | $455K | $511K | +12.3% |
| 5+ Bedrooms | $456K | $475K | +4.2% |
Summary: South housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.1%, 2 bedroom homes increased by 4.9%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 12.3%, and 5+ bedroom homes increased by 4.2%.
Housing Supply in South, MI
How many homes are available in South, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 47 | 58 | +23.4% |
Summary: The South real estate market had 58 homes for sale in April 2024, a 23.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 14 | 17 | +21.4% |
| 3 Bedrooms | 14 | 18 | +28.6% |
| 4 Bedrooms | 16 | 17 | +6.3% |
| 5+ Bedrooms | 1 | 3 | +200.0% |
Summary: The South housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 21.4%, 3 bedroom homes increased by 28.6%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 200%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 20 | 21 | +5.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 21 homes were sold or pending in South in April 2024, up by 5.0% month-over-month. Of the 21 sold homes, 24% were sold under asking, 10% were sold at asking, and 67% were sold over asking.
Days on Market for South, MI
How long does it take to sell a home in South, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 26 Days | 29 Days | +7.8% |
Summary: Homes in South had an average of 29 days on market in Apr 2024, up by 7.8% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 21 homes were sold in South; 52% of homes were sold within 30 days, 48% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
