Is Wakefield, MI 49968 a buyer’s or seller’s market?
Wakefield is a seller’s market. With about 2.7 months of supply and 33% 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 Wakefield housing market right now
In the three months ending August 31, 2026, 33% of homes in Wakefield, MI 49968 sold above their list price, the typical home went under contract in 79 days and there were 2.7 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. With only 6 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 14%, homes sold more slowly (29 days then) and the median sale price rose 33% to $192,417. Overall, Wakefield is about as competitive as it was a year ago.
Within Gogebic County, homes here sell more slowly, and more often over asking, than in any other ZIP code in the county.
Nearby, buyers who want less competition could look at Marenisco 49947 (0% sold over asking) or Bessemer 49911 (0% sold over asking).
Run the numbers for 49968
Nearby markets
Bessemer 49911Buyer’s market $87 /sq ftIronwood 49938Balanced $106 /sq ftMarenisco 49947Buyer’s market $248 /sq ftRamsay 49959 — /sq ft Browse all markets →Towns like Wakefield nearby
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Questions about Wakefield real estate
Is Wakefield a buyer’s or seller’s market?
A seller’s market: there were 2.7 months of supply in Wakefield, MI 49968 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 Wakefield?
The typical home went under contract in 79 days in the latest three months.
Do homes in Wakefield sell over asking?
33% of homes sold above their original list price, and the typical sale closed at 96.9% of the list price.
What are property taxes in Wakefield?
About 1.43% of a home’s value a year in Gogebic County, or roughly $5,720 on a $400,000 home.
What is the median home price in Wakefield?
The median sale price was $192,417 in the three months ending August 31, 2026, about $97 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