Is New Buffalo, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, New Buffalo was a Seller's Market.
Housing Prices in New Buffalo, MI
How much do homes in New Buffalo, MI cost?
Median Sold Price
$622,500
$381/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in New Buffalo was $622,500 in May 2024, up 7.3% from last year, and the median price per square foot was $381.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $337.2K | $389.5K | +15.5% |
2 Bedrooms | $387.5K | $362.2K | -6.5% |
3 Bedrooms | $525K | $515K | -1.9% |
4 Bedrooms | $825K | $732.5K | -11.2% |
5+ Bedrooms | $1.2M | $1.4M | +18.2% |
Summary: New Buffalo housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.5%, 2 bedroom homes decreased by 6.5%, 3 bedroom homes decreased by 1.9%, 4 bedroom homes decreased by 11.2%, and 5+ bedroom homes increased by 18.2%.
Median Sold Price Compared To Nearby Cities
New Buffalo | $580K | $622.5K | +7.3% |
Union Pier | $692.5K | $720K | +4.0% |
New Buffalo Township | $605K | $625K | +3.3% |
Housing Supply in New Buffalo, MI
How many homes are available in New Buffalo, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
69 | 74 | +7.2% |
Summary: The New Buffalo real estate market had 74 homes for sale in May 2024, a 7.2% 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 | 4 | 7 | +75.0% |
3 Bedrooms | 21 | 24 | +14.3% |
4 Bedrooms | 25 | 22 | -12.0% |
5+ Bedrooms | 16 | 17 | +6.3% |
Summary: The New Buffalo 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 75%, 3 bedroom homes increased by 14.3%, 4 bedroom homes decreased by 12%, and 5+ bedroom homes increased by 6.3%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
16 | 10 | -37.5% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 10 homes were sold or pending in New Buffalo in May 2024, down by 37.5% month-over-month. Of the 10 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% were sold over asking.
Days on Market for New Buffalo, MI
How long does it take to sell a home in New Buffalo, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
92 Days | 68 Days | -25.3% |
Summary: Homes in New Buffalo had an average of 68 days on market in May 2024, down by 25.3% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 10 homes were sold in New Buffalo; 20% of homes were sold within 30 days, 70% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.