Is Banks Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Banks Township has remained a Seller's Market.
Key Takeaway
Banks Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Banks Township, MI
How much do homes in Banks Township, MI cost?
Median Sold Price
$812,500
$231/sqft
Based on all homes sold in May 2024.
Difference Since Last Month
Key Takeaway
Homes in Banks Township have sold for 186.3% more than they did a month ago.
Summary: The median home sold price in Banks Township was $812,500 in May 2024, up 186.3% from last month, and the median price per square foot was $231.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $289K | - | N/A |
| 3 Bedrooms | - | $812.5K | N/A |
| 4 Bedrooms | $278.5K | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Banks Township housing prices by bedroom type for May 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Ellsworth | $283.7K | $1.3M | +358.1% |
| Banks Township | $283.7K | $812.5K | +186.3% |
Housing Supply in Banks Township, MI
How many homes are available in Banks Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 10 | 0.0% |
Summary: The Banks Township real estate market had 10 homes for sale in May 2024, the same as 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 | 5 | 5 | 0.0% |
| 4 Bedrooms | 4 | 4 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Banks 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 remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 2 | 0.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Banks Township, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 2 homes were sold or pending in Banks Township in May 2024, the same as the previous month. Of the 2 sold homes, 0% were sold under asking, 50% were sold at asking, and 50% were sold over asking.
Days on Market for Banks Township, MI
How long does it take to sell a home in Banks Township, MI?
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Banks Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 2 homes were sold in Banks Township; 50% 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.
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