Is North, 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, North was a Seller's Market.
Key Takeaway
North is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in North, MI
How much do homes in North, MI cost?
Median Sold Price
$119,925
$86/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in North have sold for 7.7% less than they did a year ago.
Summary: The median home sold price in North was $119,925 in May 2024, down 7.7% from last year, and the median price per square foot was $86.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $93K | N/A |
| 2 Bedrooms | $52K | $50K | -3.8% |
| 3 Bedrooms | $122.9K | $115K | -6.5% |
| 4 Bedrooms | $145K | $168K | +15.9% |
| 5+ Bedrooms | $275K | $257.5K | -6.4% |
Summary: North 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 3.8%, 3 bedroom homes decreased by 6.5%, 4 bedroom homes increased by 15.9%, and 5+ bedroom homes decreased by 6.4%.
Median Sold Price Compared To Nearby Neighborhoods
| Bagley Community | $180.9K | $188.5K | +4.2% |
| Pembroke | $117.2K | $110.5K | -5.8% |
| North | $129.9K | $119.9K | -7.7% |
| Bagley | $164.8K | $150K | -9.0% |
| Sherwood Forest | $458.8K | $364K | -20.7% |
Housing Supply in North, MI
How many homes are available in North, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 396 | 430 | +8.6% |
Summary: The North real estate market had 430 homes for sale in May 2024, a 8.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 27 | 24 | -11.1% |
| 3 Bedrooms | 256 | 279 | +9.0% |
| 4 Bedrooms | 80 | 85 | +6.3% |
| 5+ Bedrooms | 32 | 40 | +25.0% |
Summary: The North housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 11.1%, 3 bedroom homes increased by 9%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 83 | 68 | -18.1% |
Asking Price vs. Sold Price
28 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
32 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in North, you could pay more than the asking price. 47.1% of homes here sold above asking price last month.
Summary: A total of 68 homes were sold or pending in North in May 2024, down by 18.1% month-over-month. Of the 68 sold homes, 41% were sold under asking, 12% were sold at asking, and 47% were sold over asking.
Days on Market for North, MI
How long does it take to sell a home in North, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 40 Days | 42 Days | +5.0% |
Summary: Homes in North had an average of 42 days on market in May 2024, up by 5% compared to last year.
Breakdown of Home Sale Times
40 Homes Were Sold
Under 30 Days
18 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in North are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 68 homes were sold in North; 59% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 15% 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.