Is Lafayette Park, 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, Lafayette Park was a Seller's Market.
Key Takeaway
Lafayette Park is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Lafayette Park, MI
How much do homes in Lafayette Park, MI cost?
Median Sold Price
$139,444
$139/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lafayette Park have sold for 18.6% less than they did a year ago.
Summary: The median home sold price in Lafayette Park was $139,444 in May 2024, down 18.6% from last year, and the median price per square foot was $139.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $72K | $91.6K | +27.3% |
| 2 Bedrooms | $161.5K | $139K | -13.9% |
| 3 Bedrooms | $299.5K | $302.5K | +1.0% |
| 4 Bedrooms | - | $347.5K | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Lafayette Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 27.3%, 2 bedroom homes decreased by 13.9%, 3 bedroom homes increased by 1%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Downtown | $285K | $320K | +12.3% |
| Lafayette Park | $171.2K | $139.4K | -18.6% |
| Lower East Central | $172K | $140K | -18.6% |
Housing Supply in Lafayette Park, MI
How many homes are available in Lafayette Park, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 37 | 33 | -10.8% |
Summary: The Lafayette Park real estate market had 33 homes for sale in May 2024, a 10.8% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 15 | 13 | -13.3% |
| 2 Bedrooms | 12 | 11 | -8.3% |
| 3 Bedrooms | 8 | 7 | -12.5% |
| 4 Bedrooms | 2 | 2 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Lafayette Park housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 13.3%, 2 bedroom homes decreased by 8.3%, 3 bedroom homes decreased by 12.5%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 5 | +66.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lafayette Park, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Lafayette Park in May 2024, up by 66.7% month-over-month. Of the 5 sold homes, 80% were sold under asking, 20% were sold at asking, and 0% were sold over asking.
Days on Market for Lafayette Park, MI
How long does it take to sell a home in Lafayette Park, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 42 Days | 56 Days | +32.1% |
Summary: Homes in Lafayette Park had an average of 56 days on market in May 2024, up by 32.1% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Lafayette Park are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 5 homes were sold in Lafayette Park; 40% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 20% 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.