Is Okemos, 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, Okemos has remained a Seller's Market.
Key Takeaway
Okemos is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Okemos, MI
How much do homes in Okemos, MI cost?
Median Sold Price
$373,776
$150/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Okemos have sold for 8.6% more than they did a year ago.
Summary: The median home sold price in Okemos was $373,776 in May 2024, up 8.6% from last year, and the median price per square foot was $150.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $122.5K | $135.7K | +10.8% |
| 2 Bedrooms | $111.2K | $207K | +86.1% |
| 3 Bedrooms | $305K | $303K | -0.7% |
| 4 Bedrooms | $395K | $447.2K | +13.2% |
| 5+ Bedrooms | $525K | $574.5K | +9.4% |
Summary: Okemos housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.8%, 2 bedroom homes increased by 86.1%, 3 bedroom homes decreased by 0.7%, 4 bedroom homes increased by 13.2%, and 5+ bedroom homes increased by 9.4%.
Median Sold Price Compared To Nearby Cities
| Meridian Charter Township | $284.9K | $315.1K | +10.6% |
| East Lansing | $265.4K | $289.9K | +9.2% |
| Okemos | $344.2K | $373.7K | +8.6% |
| Haslett | $274K | $297.5K | +8.6% |
| Alaiedon Township | $260K | $275.5K | +6.0% |
Housing Supply in Okemos, MI
How many homes are available in Okemos, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 81 | 89 | +9.9% |
Summary: The Okemos real estate market had 89 homes for sale in May 2024, a 9.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 3 | +200.0% |
| 2 Bedrooms | 10 | 8 | -20.0% |
| 3 Bedrooms | 20 | 22 | +10.0% |
| 4 Bedrooms | 37 | 44 | +18.9% |
| 5+ Bedrooms | 13 | 12 | -7.7% |
Summary: The Okemos housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes decreased by 20%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 18.9%, and 5+ bedroom homes decreased by 7.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 27 | 28 | +3.7% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Okemos, you could pay more than the asking price. 53.6% of homes here sold above asking price last month.
Summary: A total of 28 homes were sold or pending in Okemos in May 2024, up by 3.7% month-over-month. Of the 28 sold homes, 39% were sold under asking, 7% were sold at asking, and 54% were sold over asking.
Days on Market for Okemos, MI
How long does it take to sell a home in Okemos, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 50 Days | 19 Days | -62.3% |
Summary: Homes in Okemos had an average of 19 days on market in May 2024, down by 62.3% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Okemos are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 28 homes were sold in Okemos; 82% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.