February 2024

Market Conditions for 48756

Median Sale Price Graph

Median Sale Price

The median sale price for homes in February was $168,500. The median sales price for homes in February rose by $168,500 compared to last month. This represents a 0% increase from January. Compared to the same month last year, the median price of homes rose by $113,500 representing a 206.36% year-over-year change.

The median sales price is the middle value of all sales occurring in the market during the past thirty days when you arrange these sales prices from lowest to highest. This is a better indicator than the average as the median does not change as much as a result of a few unusually low or high sales prices.

Homes for Sale Graph

Homes for Sale

The inventory of homes for sale fell by 2 in February to 5. This represents 28.57% decrease from January when 7 homes were on the market. Compared to the same month last year when there were 8 homes for sale, the inventory of homes for sale has fallen by 3 representing a -37.5% year-over-year change.

Homes for sale represents the number of active listings on the market during the specified month as reported in the MLS system operating within the market area.

Homes Sold Graph

Homes Sold

The 2 homes sold in February was 2 more than in January. This represents a 0% increase in sales from January. Compared to the same month last year, the number of homes sold decreased by 1, a -33.33% year-over-year decrease.

Homes sold is the total count of properties in the market area that have had a closed sale during the specified month as reported in the MLS systems operating within the market area.

Average Days on Market Graph

Avg Days on Market

The average days on market for a home sold in February (176) increased by 176 days compared to January. This represents a 0% increase in days on market for homes in the market from the previous month. Compared to the same month last year, the days on market for homes sold increased by 19, a 12.1% year-over-year change.

Average Days on Market is the time period between the date when a home is listed for sale in an MLS system and the date it is sold.

Sale/List Price Ratio

Sale/List Price Ratio

The Sale/List Price Ratio of 80.5% in February rose by 0% compared to January and decreased 1.48% compared to the same period last year.

Sale/List Price Ratio is the sale price of a listing divided by the original list price expressed as a percentage. The Sale/List Price Ratio for the market is determined by adding the Sale/List Price Ratio for each listing sold in the market during the month and dividing by the number of listings sold during the month.

New Homes Graph

New Homes

The number of homes listed in February (2) remained level Compared to February 2023, the number of new listings decreased by 1, a -33.33% year-over-year change.

Newly Listed Homes are the total count of homes that have been listed within the market area during the most recent month, as reported in the MLS system(s) operating in the market area.

Median List Price Graph

Median List Price

The median list price in February was $181,950. The median list price for homes in February rose by $49,550 compared to last month. This represents a 37.42% increase from January. Compared to the same month last year, the median list price of homes increased $147,050 representing a 421.34% year-over-year increase.

The median list price is the middle value of all currently active listings as reported in the MLS systems in the market area when you arrange these list prices from lowest to highest. This is a better indicator than the average as the median does not change as much as a result of the existence of a few unusually low or high list prices.