Is Milan Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Milan Township has remained a Seller's Market.
Key Takeaway
Milan Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Milan Township, MI
How much do homes in Milan Township, MI cost?
Median Sold Price
$295,000
$175/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Milan Township have sold for 13.5% more than they did a year ago.
Summary: The median home sold price in Milan Township was $295,000 in May 2024, up 13.5% from last year, and the median price per square foot was $175.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $128.2K | - | N/A |
| 2 Bedrooms | $185K | $226K | +22.2% |
| 3 Bedrooms | $259.9K | $289.9K | +11.5% |
| 4 Bedrooms | $314.2K | $355K | +13.0% |
| 5+ Bedrooms | $397.5K | $515K | +29.6% |
Summary: Milan Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 22.2%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 13%, and 5+ bedroom homes increased by 29.6%.
Median Sold Price Compared To Nearby Cities
| Milan Township | $259.9K | $295K | +13.5% |
| Milan | $260K | $295K | +13.5% |
| York Charter Township | $497.5K | $550K | +10.6% |
Housing Supply in Milan Township, MI
How many homes are available in Milan Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 25 | 18 | -28.0% |
Summary: The Milan Township real estate market had 18 homes for sale in May 2024, a 28.0% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 19 | 13 | -31.6% |
| 4 Bedrooms | 5 | 3 | -40.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Milan Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 31.6%, 4 bedroom homes decreased by 40%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 13 | 5 | -61.5% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Milan Township, you may be able to get a good deal. 40% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Milan Township in May 2024, down by 61.5% month-over-month. Of the 5 sold homes, 40% were sold under asking, 40% were sold at asking, and 20% were sold over asking.
Days on Market for Milan Township, MI
How long does it take to sell a home in Milan Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 24 Days | 38 Days | +61.7% |
Summary: Homes in Milan Township had an average of 38 days on market in May 2024, up by 61.7% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Milan Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 5 homes were sold in Milan Township; 80% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.