Is Parchment, 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, Parchment was a Buyer's Market.
Key Takeaway
Parchment is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Parchment, MI
How much do homes in Parchment, MI cost?
Median Sold Price
$223,000
$159/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Parchment have sold for 22.2% more than they did a year ago.
Summary: The median home sold price in Parchment was $223,000 in May 2024, up 22.2% from last year, and the median price per square foot was $159.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $137K | - | N/A |
| 2 Bedrooms | $168.5K | $155K | -8.0% |
| 3 Bedrooms | $210.9K | $206.7K | -2.0% |
| 4 Bedrooms | $200K | $227K | +13.5% |
| 5+ Bedrooms | - | $309K | N/A |
Summary: Parchment housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 8%, 3 bedroom homes decreased by 2%, 4 bedroom homes increased by 13.5%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Parchment | $182.5K | $223K | +22.2% |
| Cooper Charter Township | $229K | $260K | +13.5% |
| Kalamazoo | $207.2K | $224.9K | +8.5% |
| Kalamazoo Charter Township | $207.7K | $224.7K | +8.2% |
Housing Supply in Parchment, MI
How many homes are available in Parchment, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 8 | +60.0% |
Summary: The Parchment real estate market had 8 homes for sale in May 2024, a 60.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 2 | +100.0% |
| 3 Bedrooms | 0 | 3 | +100.0% |
| 4 Bedrooms | 3 | 2 | -33.3% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Parchment housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 100%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 2 | -33.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Parchment, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Parchment in May 2024, down by 33.3% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for Parchment, MI
How long does it take to sell a home in Parchment, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 20 Days | 9 Days | -52.5% |
Summary: Homes in Parchment had an average of 9 days on market in May 2024, down by 52.5% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Parchment are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 2 homes were sold in Parchment; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
