Is Lower East, 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, Lower East was a Seller's Market.
Housing Prices in Lower East, MI
How much do homes in Lower East, MI cost?
Median Sold Price
$110,000
$80/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Lower East was $110,000 in May 2024, down 11.9% from last year, and the median price per square foot was $80.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $59.5K | $59K | -0.8% |
2 Bedrooms | $91.5K | $100K | +9.3% |
3 Bedrooms | $118.7K | $105K | -11.6% |
4 Bedrooms | $149.9K | $110K | -26.6% |
5+ Bedrooms | $192.4K | $201.7K | +4.8% |
Summary: Lower East housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.8%, 2 bedroom homes increased by 9.3%, 3 bedroom homes decreased by 11.6%, 4 bedroom homes decreased by 26.6%, and 5+ bedroom homes increased by 4.8%.
Median Sold Price Compared To Nearby Neighborhoods
Foch | $54K | $48.6K | -10.0% |
East Riverside | $169.9K | $152.5K | -10.2% |
Lower East | $124.9K | $110K | -11.9% |
Housing Supply in Lower East, MI
How many homes are available in Lower East, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
339 | 370 | +9.1% |
Summary: The Lower East real estate market had 370 homes for sale in May 2024, a 9.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 22 | 25 | +13.6% |
2 Bedrooms | 40 | 47 | +17.5% |
3 Bedrooms | 177 | 196 | +10.7% |
4 Bedrooms | 72 | 73 | +1.4% |
5+ Bedrooms | 28 | 29 | +3.6% |
Summary: The Lower East housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 13.6%, 2 bedroom homes increased by 17.5%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 1.4%, and 5+ bedroom homes increased by 3.6%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
52 | 59 | +13.5% |
Asking Price vs. Sold Price
32 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Summary: A total of 59 homes were sold or pending in Lower East in May 2024, up by 13.5% month-over-month. Of the 59 sold homes, 54% were sold under asking, 20% were sold at asking, and 25% were sold over asking.
Days on Market for Lower East, MI
How long does it take to sell a home in Lower East, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
54 Days | 52 Days | -2.8% |
Summary: Homes in Lower East had an average of 52 days on market in May 2024, down by 2.8% compared to last year.
Breakdown of Home Sale Times
30 Homes Were Sold
Under 30 Days
19 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Summary: During May 2024, 59 homes were sold in Lower East; 51% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.