Is Algoma 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, Algoma Township has remained a Seller's Market.
Key Takeaway
Algoma Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Algoma Township, MI
How much do homes in Algoma Township, MI cost?
Median Sold Price
$392,500
$250/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Algoma Township have sold for 1.7% less than they did a year ago.
Summary: The median home sold price in Algoma Township was $392,500 in May 2024, down 1.7% from last year, and the median price per square foot was $250.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $334.9K | $330K | -1.5% |
| 2 Bedrooms | $342.2K | $267.5K | -21.8% |
| 3 Bedrooms | $347.7K | $375K | +7.8% |
| 4 Bedrooms | $429.9K | $425K | -1.1% |
| 5+ Bedrooms | $510K | $585K | +14.7% |
Summary: Algoma Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.5%, 2 bedroom homes decreased by 21.8%, 3 bedroom homes increased by 7.8%, 4 bedroom homes decreased by 1.1%, and 5+ bedroom homes increased by 14.7%.
Median Sold Price Compared To Nearby Cities
| Courtland Township | $425K | $450K | +5.9% |
| Cedar Springs | $284.5K | $295K | +3.7% |
| Rockford | $402K | $415.4K | +3.3% |
| Solon Township | $300K | $301K | 0.3% |
| Algoma Township | $399.4K | $392.5K | -1.7% |
Housing Supply in Algoma Township, MI
How many homes are available in Algoma Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 30 | 27 | -10.0% |
Summary: The Algoma Township real estate market had 27 homes for sale in May 2024, a 10.0% 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 | 5 | 3 | -40.0% |
| 3 Bedrooms | 12 | 12 | 0.0% |
| 4 Bedrooms | 10 | 8 | -20.0% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Algoma 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 decreased by 40%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 20%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 10 | -9.1% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Algoma Township, you could pay more than the asking price. 80% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in Algoma Township in May 2024, down by 9.1% month-over-month. Of the 10 sold homes, 20% were sold under asking, 0% were sold at asking, and 80% were sold over asking.
Days on Market for Algoma Township, MI
How long does it take to sell a home in Algoma Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 62 Days | 4 Days | -92.2% |
Summary: Homes in Algoma Township had an average of 4 days on market in May 2024, down by 92.2% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Algoma Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 10 homes were sold in Algoma Township; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
