Is Buchanan, 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, Buchanan has remained a Seller's Market.
Housing Prices in Buchanan, MI
How much do homes in Buchanan, MI cost?
Median Sold Price
$225,000
$165/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Buchanan was $225,000 in April 2024, up 32.4% from last year, and the median price per square foot was $165.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $79K | - | N/A |
2 Bedrooms | $125K | $163.5K | +30.8% |
3 Bedrooms | $175K | $226K | +29.1% |
4 Bedrooms | $317.5K | $323.2K | +1.8% |
5+ Bedrooms | $205K | $245K | +19.5% |
Summary: Buchanan 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 30.8%, 3 bedroom homes increased by 29.1%, 4 bedroom homes increased by 1.8%, and 5+ bedroom homes increased by 19.5%.
Median Sold Price Compared To Nearby Cities
Buchanan | $170K | $225K | +32.4% |
Buchanan Township | $225K | $225K | 0.0% |
Housing Supply in Buchanan, MI
How many homes are available in Buchanan, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
37 | 35 | -5.4% |
Summary: The Buchanan real estate market had 35 homes for sale in April 2024, a 5.4% decrease 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 | 9 | 7 | -22.2% |
3 Bedrooms | 16 | 17 | +6.3% |
4 Bedrooms | 8 | 7 | -12.5% |
5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Buchanan 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 decreased by 22.2%, 3 bedroom homes increased by 6.3%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
10 | 11 | +10.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 11 homes were sold or pending in Buchanan in April 2024, up by 10.0% month-over-month. Of the 11 sold homes, 45% were sold under asking, 18% were sold at asking, and 36% were sold over asking.
Days on Market for Buchanan, MI
How long does it take to sell a home in Buchanan, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
29 Days | 31 Days | +4.8% |
Summary: Homes in Buchanan had an average of 31 days on market in Apr 2024, up by 4.8% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 11 homes were sold in Buchanan; 45% of homes were sold within 30 days, 55% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.