Is New Buffalo Township, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing New Buffalo Township is a buyer's market

Buyer's
Market

Difference Since May 2023

At the same time last year, New Buffalo Township was a Seller's Market.

Key Takeaway

New Buffalo Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in New Buffalo Township, MI

How much do homes in New Buffalo Township, MI cost?

Median Sold Price

$625,000

$383/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$20,000(+3.3%)

Key Takeaway

Homes in New Buffalo Township have sold for 3.3% more than they did a year ago.

Summary: The median home sold price in New Buffalo Township was $625,000 in May 2024, up 3.3% from last year, and the median price per square foot was $383.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $337.2K$389.5K
+15.5%
2 $390.5K$409.7K
+4.9%
3 $542K$532K
-1.8%
4 $844.5K$745K
-11.8%
5+ $1.3M$1.4M
+11.4%

Summary: New Buffalo Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.5%, 2 bedroom homes increased by 4.9%, 3 bedroom homes decreased by 1.8%, 4 bedroom homes decreased by 11.8%, and 5+ bedroom homes increased by 11.4%.

Median Sold Price Compared To Nearby Cities

Grand Beach
+9.9%
New Buffalo
+7.3%
Union Pier
+4.0%
New Buffalo Township
+3.3%

Housing Supply in New Buffalo Township, MI

How many homes are available in New Buffalo Township, MI?

Number of Homes For Sale

Apr 2024May 2024CHANGE
7686+13.2%

Summary: The New Buffalo Township real estate market had 86 homes for sale in May 2024, a 13.2% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 34
+33.3%
2 47
+75.0%
3 2327
+17.4%
4 2524
-4.0%
5+ 2124
+14.3%

Summary: The New Buffalo Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 75%, 3 bedroom homes increased by 17.4%, 4 bedroom homes decreased by 4%, and 5+ bedroom homes increased by 14.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
1611-31.3%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in New Buffalo Township, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.

Summary: A total of 11 homes were sold or pending in New Buffalo Township in May 2024, down by 31.3% month-over-month. Of the 11 sold homes, 55% were sold under asking, 27% were sold at asking, and 18% were sold over asking.

Days on Market for New Buffalo Township, MI

How long does it take to sell a home in New Buffalo Township, MI?

Average Sale Time

May 2023May 2024CHANGE
75 Days62 Days-17.3%

Summary: Homes in New Buffalo Township had an average of 62 days on market in May 2024, down by 17.3% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in New Buffalo Township has remained consistent over time.

Summary: During May 2024, 11 homes were sold in New Buffalo Township; 27% of homes were sold within 30 days, 64% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 9 Days Ago

Newest Listings in New Buffalo Township, MI

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