Iron County is seeing more homes available than a year ago, but with some recent tightening. Active listings are up more than 14 percent year over year to 161, yet months of supply has dropped sharply month over month to 3.2. Closings and contract activity have picked up, with homes sold rising about 12 percent annually and pending sales up more than 18 percent.
Prices are adjusting as this activity shifts. The typical home value is about $167,000, a modest gain of just over 2 percent from last year, even as the median list price is more than 22 percent higher year over year. Compared to Michigan overall, Iron County’s values sit well below the statewide median sale price of roughly $289,000, which may appeal to value-focused buyers.
Homes are moving a bit faster than last year, with median days on market down 12 percent to 63 days, and about 21 percent of recent sales closing above the asking price. At the same time, sellers are conceding a bit more on price, with the average sale-to-list ratio slipping to about 93 percent and slightly below last year’s level. With conditions pointing to a soft seller’s market, Agent Pronto can connect buyers looking for opportunity and sellers aiming to maximize returns with an experienced local agent who understands these evolving trends.
