Is Pontiac, 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, Pontiac has remained a Seller's Market.
Housing Prices in Pontiac, MI
How much do homes in Pontiac, MI cost?
Median Sold Price
$134,595
$118/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Pontiac was $134,595 in May 2024, up 7.7% from last year, and the median price per square foot was $118.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $42.2K | $182.5K | +332.0% |
2 Bedrooms | $85K | $100K | +17.6% |
3 Bedrooms | $130K | $138.5K | +6.5% |
4 Bedrooms | $210K | $227.7K | +8.5% |
5+ Bedrooms | $245.9K | $270.9K | +10.2% |
Summary: Pontiac housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 332%, 2 bedroom homes increased by 17.6%, 3 bedroom homes increased by 6.5%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes increased by 10.2%.
Median Sold Price Compared To Nearby Cities
Pontiac | $125K | $134.5K | +7.7% |
Auburn Hills | $255K | $270K | +5.9% |
Waterford Charter Township | $242.8K | $254.8K | +4.9% |
Sylvan Lake | $360K | $278.5K | -22.6% |
Housing Supply in Pontiac, MI
How many homes are available in Pontiac, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
153 | 148 | -3.3% |
Summary: The Pontiac real estate market had 148 homes for sale in May 2024, a 3.3% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 0 | -100.0% |
2 Bedrooms | 36 | 39 | +8.3% |
3 Bedrooms | 85 | 83 | -2.4% |
4 Bedrooms | 29 | 25 | -13.8% |
5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Pontiac housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 8.3%, 3 bedroom homes decreased by 2.4%, 4 bedroom homes decreased by 13.8%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
41 | 28 | -31.7% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Summary: A total of 28 homes were sold or pending in Pontiac in May 2024, down by 31.7% month-over-month. Of the 28 sold homes, 36% were sold under asking, 25% were sold at asking, and 39% were sold over asking.
Days on Market for Pontiac, MI
How long does it take to sell a home in Pontiac, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
44 Days | 25 Days | -43.8% |
Summary: Homes in Pontiac had an average of 25 days on market in May 2024, down by 43.8% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 28 homes were sold in Pontiac; 71% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.