Is Gaines Charter 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, Gaines Charter Township has remained a Seller's Market.
Key Takeaway
Gaines Charter Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Gaines Charter Township, MI
How much do homes in Gaines Charter Township, MI cost?
Median Sold Price
$360,000
$228/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Gaines Charter Township have sold for 6% more than they did a year ago.
Summary: The median home sold price in Gaines Charter Township was $360,000 in May 2024, up 6% from last year, and the median price per square foot was $228.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $450K | $230K | -48.9% |
| 2 Bedrooms | $272.5K | $316.7K | +16.2% |
| 3 Bedrooms | $319.9K | $344.9K | +7.8% |
| 4 Bedrooms | $379.5K | $405K | +6.7% |
| 5+ Bedrooms | $485K | $460K | -5.2% |
Summary: Gaines Charter Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 48.9%, 2 bedroom homes increased by 16.2%, 3 bedroom homes increased by 7.8%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes decreased by 5.2%.
Median Sold Price Compared To Nearby Cities
| Byron Township | $366.2K | $410K | +11.9% |
| Gaines Charter Township | $339.5K | $360K | +6.0% |
| Caledonia | $370K | $389.9K | +5.4% |
| Kentwood | $299.4K | $309.6K | +3.4% |
| Byron Center | $416.5K | $429.5K | +3.1% |
Housing Supply in Gaines Charter Township, MI
How many homes are available in Gaines Charter Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 85 | 93 | +9.4% |
Summary: The Gaines Charter Township real estate market had 93 homes for sale in May 2024, a 9.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 14 | 15 | +7.1% |
| 3 Bedrooms | 38 | 41 | +7.9% |
| 4 Bedrooms | 22 | 23 | +4.5% |
| 5+ Bedrooms | 8 | 12 | +50.0% |
Summary: The Gaines Charter Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 23 | 31 | +34.8% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Gaines Charter Township, you could pay more than the asking price. 54.8% of homes here sold above asking price last month.
Summary: A total of 31 homes were sold or pending in Gaines Charter Township in May 2024, up by 34.8% month-over-month. Of the 31 sold homes, 26% were sold under asking, 19% were sold at asking, and 55% were sold over asking.
Days on Market for Gaines Charter Township, MI
How long does it take to sell a home in Gaines Charter Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 9 Days | 21 Days | +141.2% |
Summary: Homes in Gaines Charter Township had an average of 21 days on market in May 2024, up by 141.2% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Gaines Charter Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 31 homes were sold in Gaines Charter Township; 84% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
