Is Ithaca, MI 48847 a buyer’s or seller’s market?
Ithaca is a seller’s market. With about 3.2 months of supply and 17% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
More competitive than 43% of U.S. ZIP codes, and #396 of 506 in the state.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending July 31, 2026. See the breakdown
The Ithaca housing market right now
In the three months ending August 31, 2026, 17% of homes in Ithaca, MI 48847 sold above their list price, the typical home went under contract in 50 days and there were 3.2 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 12 home sales.
Compared with the same period a year earlier, the share selling over asking fell from 19%, homes sold more slowly (38 days then) and the median sale price rose 9% to $175,424. Overall, Ithaca is less competitive than a year ago, which gives buyers more room.
Within Gratiot County, homes here sell more slowly than in 60% of the county’s ZIP codes, and sell more often over asking than in 55%.
Nearby, buyers who want less competition could look at Sumner 48889 (0% sold over asking) or Pompeii 48874 (0% sold over asking), while Bannister 48807 (50% sold over asking) and Elwell 48832 (33% sold over asking) are even more competitive.
Run the numbers for 48847
Nearby markets
Alma 48801Seller’s market $112 /sq ftAshley 48806Seller’s market $112 /sq ftBannister 48807Seller’s market $137 /sq ftBreckenridge 48615Seller’s market $120 /sq ft Browse all markets →Towns like Ithaca nearby
Find towns like Ithaca in other states →Where Ithaca is
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Questions about Ithaca real estate
Is Ithaca a buyer’s or seller’s market?
A seller’s market: there were 3.2 months of supply in Ithaca, MI 48847 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Ithaca?
The typical home went under contract in 50 days in the latest three months.
Do homes in Ithaca sell over asking?
17% of homes sold above their original list price, and the typical sale closed at 97.4% of the list price.
What are property taxes in Ithaca?
About 1.24% of a home’s value a year in Gratiot County, or roughly $4,960 on a $400,000 home.
What is the median home price in Ithaca?
The median sale price was $175,424 in the three months ending August 31, 2026, about $123 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology