Is Utica, 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, Utica has remained a Seller's Market.
Key Takeaway
Utica is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Utica, MI
How much do homes in Utica, MI cost?
Median Sold Price
$462,000
$209/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Utica have sold for 2.2% more than they did a year ago.
Summary: The median home sold price in Utica was $462,000 in May 2024, up 2.2% from last year, and the median price per square foot was $209.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $92.3K | $90K | -2.5% |
| 2 Bedrooms | $92.3K | $214.9K | +132.9% |
| 3 Bedrooms | $297.5K | $327.5K | +10.1% |
| 4 Bedrooms | $643K | $619K | -3.7% |
| 5+ Bedrooms | $652.9K | $661K | +1.2% |
Summary: Utica housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.5%, 2 bedroom homes increased by 132.9%, 3 bedroom homes increased by 10.1%, 4 bedroom homes decreased by 3.7%, and 5+ bedroom homes increased by 1.2%.
Median Sold Price Compared To Nearby Cities
| Sterling Heights | $280K | $294.4K | +5.1% |
| Shelby Charter Township | $330.2K | $340.6K | +3.2% |
| Utica | $452K | $462K | +2.2% |
Housing Supply in Utica, MI
How many homes are available in Utica, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 38 | 41 | +7.9% |
Summary: The Utica real estate market had 41 homes for sale in May 2024, a 7.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 5 | 6 | +20.0% |
| 3 Bedrooms | 15 | 17 | +13.3% |
| 4 Bedrooms | 14 | 15 | +7.1% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Utica housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 13.3%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 19 | +280.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Utica, you could pay more than the asking price. 42.1% of homes here sold above asking price last month.
Summary: A total of 19 homes were sold or pending in Utica in May 2024, up by 280.0% month-over-month. Of the 19 sold homes, 26% were sold under asking, 32% were sold at asking, and 42% were sold over asking.
Days on Market for Utica, MI
How long does it take to sell a home in Utica, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 19 Days | -10.2% |
Summary: Homes in Utica had an average of 19 days on market in May 2024, down by 10.2% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Utica are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 19 homes were sold in Utica; 68% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 5% 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.