Is Cedar Springs, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Cedar Springs has remained a Seller's Market.
Key Takeaway
Cedar Springs is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Cedar Springs, MI
How much do homes in Cedar Springs, MI cost?
Median Sold Price
$295,000
$215/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Cedar Springs have sold for 3.7% more than they did a year ago.
Summary: The median home sold price in Cedar Springs was $295,000 in May 2024, up 3.7% from last year, and the median price per square foot was $215.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $300K | $177K | -41.0% |
| 2 Bedrooms | $211.5K | $203.2K | -3.9% |
| 3 Bedrooms | $260K | $280K | +7.7% |
| 4 Bedrooms | $311.5K | $333.5K | +7.1% |
| 5+ Bedrooms | $355K | $425K | +19.7% |
Summary: Cedar Springs housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 41%, 2 bedroom homes decreased by 3.9%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 19.7%.
Median Sold Price Compared To Nearby Cities
| Nelson Township | $260K | $294.9K | +13.4% |
| Cedar Springs | $284.5K | $295K | +3.7% |
| Solon Township | $300K | $301K | 0.3% |
Housing Supply in Cedar Springs, MI
How many homes are available in Cedar Springs, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 41 | 36 | -12.2% |
Summary: The Cedar Springs real estate market had 36 homes for sale in May 2024, a 12.2% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 3 | 2 | -33.3% |
| 3 Bedrooms | 24 | 19 | -20.8% |
| 4 Bedrooms | 12 | 13 | +8.3% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Cedar Springs housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 33.3%, 3 bedroom homes decreased by 20.8%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 20 | 9 | -55.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cedar Springs, you could pay more than the asking price. 55.6% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in Cedar Springs in May 2024, down by 55.0% month-over-month. Of the 9 sold homes, 22% were sold under asking, 22% were sold at asking, and 56% were sold over asking.
Days on Market for Cedar Springs, MI
How long does it take to sell a home in Cedar Springs, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 39 Days | 27 Days | -30.5% |
Summary: Homes in Cedar Springs had an average of 27 days on market in May 2024, down by 30.5% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Cedar Springs are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 9 homes were sold in Cedar Springs; 78% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
