Is Ada, 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, Ada has remained a Seller's Market.
Key Takeaway
Ada is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Ada, MI
How much do homes in Ada, MI cost?
Median Sold Price
$600,000
$283/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Ada have sold for 3.4% more than they did a year ago.
Summary: The median home sold price in Ada was $600,000 in May 2024, up 3.4% from last year, and the median price per square foot was $283.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $393.9K | $378.5K | -3.9% |
| 3 Bedrooms | $456.7K | $493K | +7.9% |
| 4 Bedrooms | $572.1K | $628K | +9.8% |
| 5+ Bedrooms | $695.5K | $770.2K | +10.7% |
Summary: Ada 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 decreased by 3.9%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 9.8%, and 5+ bedroom homes increased by 10.7%.
Median Sold Price Compared To Nearby Cities
| Vergennes Township | $425K | $500K | +17.6% |
| Grand Rapids Charter Township | $275.7K | $300K | +8.8% |
| Cascade Charter Township | $530K | $550K | +3.8% |
| Ada Township | $575K | $595K | +3.5% |
| Ada | $580K | $600K | +3.4% |
Housing Supply in Ada, MI
How many homes are available in Ada, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 64 | 82 | +28.1% |
Summary: The Ada real estate market had 82 homes for sale in May 2024, a 28.1% 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 | 0 | 2 | +100.0% |
| 3 Bedrooms | 18 | 25 | +38.9% |
| 4 Bedrooms | 26 | 31 | +19.2% |
| 5+ Bedrooms | 20 | 24 | +20.0% |
Summary: The Ada 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 increased by 100%, 3 bedroom homes increased by 38.9%, 4 bedroom homes increased by 19.2%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 16 | 19 | +18.8% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Ada, you could pay more than the asking price. 52.6% of homes here sold above asking price last month.
Summary: A total of 19 homes were sold or pending in Ada in May 2024, up by 18.8% month-over-month. Of the 19 sold homes, 37% were sold under asking, 11% were sold at asking, and 53% were sold over asking.
Days on Market for Ada, MI
How long does it take to sell a home in Ada, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 26 Days | 13 Days | -50.0% |
Summary: Homes in Ada had an average of 13 days on market in May 2024, down by 50% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Ada are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 19 homes were sold in Ada; 84% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
