Is Buchanan 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, Buchanan Township has remained a Seller's Market.
Housing Prices in Buchanan Township, MI
How much do homes in Buchanan Township, MI cost?
Median Sold Price
$227,000
$164/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Buchanan Township was $227,000 in May 2024, up 17% from last year, and the median price per square foot was $164.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $79K | - | N/A |
2 Bedrooms | $138K | $172.5K | +25.0% |
3 Bedrooms | $225K | $226K | 0.4% |
4 Bedrooms | $319K | $323.2K | +1.3% |
5+ Bedrooms | $248K | $247.5K | -0.2% |
Summary: Buchanan 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 25%, 3 bedroom homes increased by 0.4%, 4 bedroom homes increased by 1.3%, and 5+ bedroom homes decreased by 0.2%.
Median Sold Price Compared To Nearby Cities
Buchanan | $190K | $225K | +18.4% |
Buchanan Township | $193.9K | $227K | +17.0% |
Niles Township | $167.9K | $190.2K | +13.3% |
Oronoko Charter Township | $265K | $276.5K | +4.3% |
Bertrand Township | $400K | $310.5K | -22.4% |
Housing Supply in Buchanan Township, MI
How many homes are available in Buchanan Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
35 | 49 | +40.0% |
Summary: The Buchanan Township real estate market had 49 homes for sale in May 2024, a 40.0% increase 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 | 7 | 6 | -14.3% |
3 Bedrooms | 17 | 21 | +23.5% |
4 Bedrooms | 7 | 15 | +114.3% |
5+ Bedrooms | 4 | 7 | +75.0% |
Summary: The Buchanan 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 14.3%, 3 bedroom homes increased by 23.5%, 4 bedroom homes increased by 114.3%, and 5+ bedroom homes increased by 75%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
12 | 10 | -16.7% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 10 homes were sold or pending in Buchanan Township in May 2024, down by 16.7% month-over-month. Of the 10 sold homes, 30% were sold under asking, 60% were sold at asking, and 10% were sold over asking.
Days on Market for Buchanan Township, MI
How long does it take to sell a home in Buchanan Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
52 Days | 57 Days | +9.5% |
Summary: Homes in Buchanan Township had an average of 57 days on market in May 2024, up by 9.5% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 10 homes were sold in Buchanan Township; 50% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.