Is North East, 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, North East has remained a Seller's Market.
Key Takeaway
North East is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in North East, MI
How much do homes in North East, MI cost?
Median Sold Price
$59,450
$55/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in North East have sold for 17.5% more than they did a year ago.
Summary: The median home sold price in North East was $59,450 in May 2024, up 17.5% from last year, and the median price per square foot was $55.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $120K | N/A |
| 2 Bedrooms | $38.7K | $43K | +11.1% |
| 3 Bedrooms | $50K | $59.5K | +19.0% |
| 4 Bedrooms | $65K | $78.2K | +20.4% |
| 5+ Bedrooms | $80K | $140K | +75.0% |
Summary: North East 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 increased by 11.1%, 3 bedroom homes increased by 19%, 4 bedroom homes increased by 20.4%, and 5+ bedroom homes increased by 75%.
Median Sold Price Compared To Nearby Neighborhoods
| Krainz Woods | $37K | $50K | +35.1% |
| North East | $50.6K | $59.4K | +17.5% |
Housing Supply in North East, MI
How many homes are available in North East, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 193 | 197 | +2.1% |
Summary: The North East real estate market had 197 homes for sale in May 2024, a 2.1% 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 | 34 | 32 | -5.9% |
| 3 Bedrooms | 125 | 129 | +3.2% |
| 4 Bedrooms | 24 | 25 | +4.2% |
| 5+ Bedrooms | 10 | 11 | +10.0% |
Summary: The North East 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 decreased by 5.9%, 3 bedroom homes increased by 3.2%, 4 bedroom homes increased by 4.2%, and 5+ bedroom homes increased by 10%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 32 | 34 | +6.3% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in North East, you may be able to get a good deal. 55.9% of homes here sold below asking price last month.
Summary: A total of 34 homes were sold or pending in North East in May 2024, up by 6.3% month-over-month. Of the 34 sold homes, 56% were sold under asking, 18% were sold at asking, and 26% were sold over asking.
Days on Market for North East, MI
How long does it take to sell a home in North East, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 44 Days | 34 Days | -22.6% |
Summary: Homes in North East had an average of 34 days on market in May 2024, down by 22.6% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in North East are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 34 homes were sold in North East; 62% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 3% 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.