Is Ludington, 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, Ludington has remained a Seller's Market.
Key Takeaway
Ludington is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Ludington, MI
How much do homes in Ludington, MI cost?
Median Sold Price
$295,550
$214/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Ludington have sold for 16.8% more than they did a year ago.
Summary: The median home sold price in Ludington was $295,550 in May 2024, up 16.8% from last year, and the median price per square foot was $214.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $180K | $192K | +6.7% |
| 2 Bedrooms | $210K | $268K | +27.6% |
| 3 Bedrooms | $251.5K | $284K | +12.9% |
| 4 Bedrooms | $290K | $345K | +19.0% |
| 5+ Bedrooms | $465K | $502K | +8.0% |
Summary: Ludington housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.7%, 2 bedroom homes increased by 27.6%, 3 bedroom homes increased by 12.9%, 4 bedroom homes increased by 19%, and 5+ bedroom homes increased by 8%.
Median Sold Price Compared To Nearby Cities
| Pere Marquette Charter Township | $252.5K | $339.5K | +34.5% |
| Ludington | $253K | $295.5K | +16.8% |
Housing Supply in Ludington, MI
How many homes are available in Ludington, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 73 | 93 | +27.4% |
Summary: The Ludington real estate market had 93 homes for sale in May 2024, a 27.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 4 | +33.3% |
| 2 Bedrooms | 12 | 14 | +16.7% |
| 3 Bedrooms | 35 | 47 | +34.3% |
| 4 Bedrooms | 17 | 22 | +29.4% |
| 5+ Bedrooms | 6 | 6 | 0.0% |
Summary: The Ludington 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 16.7%, 3 bedroom homes increased by 34.3%, 4 bedroom homes increased by 29.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 15 | 22 | +46.7% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Ludington, you may be able to get a good deal. 63.6% of homes here sold below asking price last month.
Summary: A total of 22 homes were sold or pending in Ludington in May 2024, up by 46.7% month-over-month. Of the 22 sold homes, 64% were sold under asking, 14% were sold at asking, and 23% were sold over asking.
Days on Market for Ludington, MI
How long does it take to sell a home in Ludington, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 63 Days | 82 Days | +29.6% |
Summary: Homes in Ludington had an average of 82 days on market in May 2024, up by 29.6% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Ludington are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 22 homes were sold in Ludington; 36% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 32% 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.