Is Ravenna, 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, Ravenna has remained a Seller's Market.
Key Takeaway
Ravenna is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Ravenna, MI
How much do homes in Ravenna, MI cost?
Median Sold Price
$265,000
$194/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Ravenna have sold for 8.2% more than they did a year ago.
Summary: The median home sold price in Ravenna was $265,000 in May 2024, up 8.2% from last year, and the median price per square foot was $194.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $167.5K | - | N/A |
| 2 Bedrooms | $205K | $266.4K | +30.0% |
| 3 Bedrooms | $209.2K | $230K | +9.9% |
| 4 Bedrooms | $275K | $300K | +9.1% |
| 5+ Bedrooms | $331K | $280K | -15.4% |
Summary: Ravenna 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 30%, 3 bedroom homes increased by 9.9%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes decreased by 15.4%.
Median Sold Price Compared To Nearby Cities
| Ravenna | $245K | $265K | +8.2% |
| Ravenna Township | $247.2K | $265K | +7.2% |
Housing Supply in Ravenna, MI
How many homes are available in Ravenna, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 13 | 11 | -15.4% |
Summary: The Ravenna real estate market had 11 homes for sale in May 2024, a 15.4% decrease 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 | 9 | 6 | -33.3% |
| 4 Bedrooms | 3 | 4 | +33.3% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Ravenna 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 decreased by 33.3%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 3 | 0.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Ravenna, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 3 homes were sold or pending in Ravenna in May 2024, the same as the previous month. Of the 3 sold homes, 0% were sold under asking, 33% were sold at asking, and 67% were sold over asking.
Days on Market for Ravenna, MI
How long does it take to sell a home in Ravenna, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 5 Days | 3 Days | -35.9% |
Summary: Homes in Ravenna had an average of 3 days on market in May 2024, down by 35.9% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Ravenna are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 3 homes were sold in Ravenna; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
