Ishpeming's real estate market is experiencing a price correction, with values down 34.4% from last year. Home prices have decreased 33.4% in the past month. With only 5 active listings, inventory is 69% lower than typical for this time of year. Homes are now taking an average of 70 days to sell, significantly longer than the 38 days typical for this market. The majority of homes (66.7%) sold above asking price, a clear sign of competitive bidding. Affordability remains a significant challenge in the Ishpeming market with the affordability index at 132.4. Based on current market indicators, home prices in Ishpeming are projected to increase by approximately 16.9% over the next month.
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