Is Portland, 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, Portland has remained a Seller's Market.
Key Takeaway
Portland is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Portland, MI
How much do homes in Portland, MI cost?
Median Sold Price
$245,000
$148/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Portland have sold for 8.9% more than they did a year ago.
Summary: The median home sold price in Portland was $245,000 in May 2024, up 8.9% from last year, and the median price per square foot was $148.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $155K | N/A |
| 2 Bedrooms | $135.5K | $174K | +28.4% |
| 3 Bedrooms | $228K | $227.5K | -0.2% |
| 4 Bedrooms | $225.5K | $289.4K | +28.3% |
| 5+ Bedrooms | $344.5K | $423.4K | +22.9% |
Summary: Portland 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 increased by 28.4%, 3 bedroom homes decreased by 0.2%, 4 bedroom homes increased by 28.3%, and 5+ bedroom homes increased by 22.9%.
Median Sold Price Compared To Nearby Cities
| Portland | $225K | $245K | +8.9% |
| Portland Township | $225K | $240K | +6.7% |
Housing Supply in Portland, MI
How many homes are available in Portland, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 24 | +41.2% |
Summary: The Portland real estate market had 24 homes for sale in May 2024, a 41.2% 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 | 2 | 3 | +50.0% |
| 3 Bedrooms | 9 | 15 | +66.7% |
| 4 Bedrooms | 5 | 6 | +20.0% |
| 5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The Portland 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 50%, 3 bedroom homes increased by 66.7%, 4 bedroom homes increased by 20%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 9 | +50.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Portland, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in Portland in May 2024, up by 50.0% month-over-month. Of the 9 sold homes, 0% were sold under asking, 33% were sold at asking, and 67% were sold over asking.
Days on Market for Portland, MI
How long does it take to sell a home in Portland, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 24 Days | 43 Days | +73.7% |
Summary: Homes in Portland had an average of 43 days on market in May 2024, up by 73.7% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Portland are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 9 homes were sold in Portland; 78% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.