Is Kalamazoo, 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, Kalamazoo has remained a Seller's Market.
Key Takeaway
Kalamazoo is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Kalamazoo, MI
How much do homes in Kalamazoo, MI cost?
Median Sold Price
$222,093
$170/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Kalamazoo have sold for 19.8% more than they did a year ago.
Summary: The median home sold price in Kalamazoo was $222,093 in April 2024, up 19.8% from last year, and the median price per square foot was $170.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $103K | $119.5K | +16.0% |
| 2 Bedrooms | $140K | $159.9K | +14.2% |
| 3 Bedrooms | $195K | $219.9K | +12.8% |
| 4 Bedrooms | $239.9K | $299.8K | +25.0% |
| 5+ Bedrooms | $309K | $430K | +39.2% |
Summary: Kalamazoo housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16%, 2 bedroom homes increased by 14.2%, 3 bedroom homes increased by 12.8%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 39.2%.
Median Sold Price Compared To Nearby Cities
| Kalamazoo | $185.3K | $222K | +19.8% |
| Kalamazoo Charter Township | $190.8K | $221.9K | +16.3% |
| Portage | $264.9K | $268.1K | +1.2% |
Housing Supply in Kalamazoo, MI
How many homes are available in Kalamazoo, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 469 | 449 | -4.3% |
Summary: The Kalamazoo real estate market had 449 homes for sale in April 2024, a 4.3% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 11 | 10 | -9.1% |
| 2 Bedrooms | 97 | 96 | -1.0% |
| 3 Bedrooms | 188 | 184 | -2.1% |
| 4 Bedrooms | 124 | 116 | -6.5% |
| 5+ Bedrooms | 49 | 43 | -12.2% |
Summary: The Kalamazoo housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 9.1%, 2 bedroom homes decreased by 1%, 3 bedroom homes decreased by 2.1%, 4 bedroom homes decreased by 6.5%, and 5+ bedroom homes decreased by 12.2%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 133 | 121 | -9.0% |
Asking Price vs. Sold Price
44 Homes Were Sold
Under Asking
26 Homes Were Sold
At Asking
51 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Kalamazoo, you could pay more than the asking price. 42.1% of homes here sold above asking price last month.
Summary: A total of 121 homes were sold or pending in Kalamazoo in April 2024, down by 9.0% month-over-month. Of the 121 sold homes, 36% were sold under asking, 21% were sold at asking, and 42% were sold over asking.
Days on Market for Kalamazoo, MI
How long does it take to sell a home in Kalamazoo, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 19 Days | 28 Days | +46.9% |
Summary: Homes in Kalamazoo had an average of 28 days on market in Apr 2024, up by 46.9% compared to last year.
Breakdown of Home Sale Times
92 Homes Were Sold
Under 30 Days
18 Homes Were Sold
In 30 - 90 Days
11 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Kalamazoo are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 121 homes were sold in Kalamazoo; 76% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.