Is Luzerne, 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, Luzerne has remained a Seller's Market.
Key Takeaway
Luzerne is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Luzerne, MI
How much do homes in Luzerne, MI cost?
Median Sold Price
$116,500
$99/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Luzerne have sold for 37.9% less than they did a year ago.
Summary: The median home sold price in Luzerne was $116,500 in May 2024, down 37.9% from last year, and the median price per square foot was $99.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $41.5K | $31K | -25.3% |
| 2 Bedrooms | $64K | $75K | +17.2% |
| 3 Bedrooms | $230.7K | $167.2K | -27.5% |
| 4 Bedrooms | $501.5K | $280K | -44.2% |
| 5+ Bedrooms | - | - | N/A |
Summary: Luzerne housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 25.3%, 2 bedroom homes increased by 17.2%, 3 bedroom homes decreased by 27.5%, 4 bedroom homes decreased by 44.2%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Foster Township | $123.5K | $144.9K | +17.3% |
| South Branch Township | $171.2K | $167.7K | -2.0% |
| Mio | $110K | $97.5K | -11.4% |
| Big Creek Township | $135K | $95K | -29.6% |
| Luzerne | $187.5K | $116.5K | -37.9% |
Housing Supply in Luzerne, MI
How many homes are available in Luzerne, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 11 | +10.0% |
Summary: The Luzerne real estate market had 11 homes for sale in May 2024, a 10.0% 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 | 4 | 5 | +25.0% |
| 3 Bedrooms | 6 | 5 | -16.7% |
| 4 Bedrooms | 0 | 1 | +100.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Luzerne 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 25%, 3 bedroom homes decreased by 16.7%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1 | 5 | +400.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Luzerne, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Luzerne in May 2024, up by 400.0% month-over-month. Of the 5 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% were sold over asking.
Days on Market for Luzerne, MI
How long does it take to sell a home in Luzerne, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 8 Days | 3 Days | -62.5% |
Summary: Homes in Luzerne had an average of 3 days on market in May 2024, down by 62.5% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Luzerne are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 5 homes were sold in Luzerne; 20% 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.
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