Is Lennon, 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, Lennon has remained a Neutral Market.
Key Takeaway
Lennon 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 Lennon, MI
How much do homes in Lennon, MI cost?
Median Sold Price
$196,000
$135/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lennon have sold for 5.7% more than they did a year ago.
Summary: The median home sold price in Lennon was $196,000 in May 2024, up 5.7% from last year, and the median price per square foot was $135.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $135K | $48.5K | -64.1% |
| 3 Bedrooms | $177.4K | $200K | +12.7% |
| 4 Bedrooms | $245K | $186.4K | -23.9% |
| 5+ Bedrooms | $199.9K | - | N/A |
Summary: Lennon 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 64.1%, 3 bedroom homes increased by 12.7%, 4 bedroom homes decreased by 23.9%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Lennon | $185.5K | $196K | +5.7% |
| Venice Township | $177.4K | $182K | +2.6% |
| Clayton Charter Township | $233.4K | $225.8K | -3.3% |
Housing Supply in Lennon, MI
How many homes are available in Lennon, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 13 | +18.2% |
Summary: The Lennon real estate market had 13 homes for sale in May 2024, a 18.2% 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 | 0 | 0 | 0.0% |
| 3 Bedrooms | 10 | 11 | +10.0% |
| 4 Bedrooms | 1 | 2 | +100.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Lennon 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 remained the same, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 100%, 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 Lennon, 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 Lennon 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 Lennon, MI
How long does it take to sell a home in Lennon, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 9 Days | 83 Days | +822.2% |
Summary: Homes in Lennon had an average of 83 days on market in May 2024, up by 822.2% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Lennon are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 2 homes were sold in Lennon; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
