Is Chatham, MI 49816 a buyer’s or seller’s market?
Chatham is a seller’s market. With about 3.2 months of supply and 50% 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.
The Chatham housing market right now
In the three months ending August 31, 2026, 50% of homes in Chatham, MI 49816 sold above their list price, the typical home went under contract in 45 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. With only 2 sales, these figures can swing a lot from month to month.
Compared with the same period a year earlier, the share selling over asking rose from 17%, homes sold faster (99 days then) and the median sale price rose 205% to $534,269. Overall, Chatham is more competitive than a year ago, so tougher for buyers.
Within Alger County, homes here sell faster than in 83% of the county’s ZIP codes, and sell more often over asking than in 83%.
Nearby, buyers who want less competition could look at Shingleton 49884 (0% sold over asking) or Grand Marais 49839 (0% sold over asking), while Trenary 49891 (67% sold over asking) is even more competitive.
Run the numbers for 49816
Nearby markets
Au Train 49806Buyer’s market $335 /sq ftDeerton 49822Seller’s market $173 /sq ftEben Junction 49825 — /sq ftGrand Marais 49839Balanced $443 /sq ft Browse all markets →Where Chatham is
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Questions about Chatham real estate
Is Chatham a buyer’s or seller’s market?
A seller’s market: there were 3.2 months of supply in Chatham, MI 49816 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 Chatham?
The typical home went under contract in 45 days in the latest three months.
Do homes in Chatham sell over asking?
50% of homes sold above their original list price, and the typical sale closed at 99.7% of the list price.
What are property taxes in Chatham?
About 0.94% of a home’s value a year in Alger County, or roughly $3,760 on a $400,000 home.
What is the median home price in Chatham?
The median sale price was $534,269 in the three months ending August 31, 2026, about $291 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