Is Elk Rapids, 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, Elk Rapids has remained a Seller's Market.
Housing Prices in Elk Rapids, MI
How much do homes in Elk Rapids, MI cost?
Median Sold Price
$400,000
$267/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Elk Rapids was $400,000 in May 2024, up 14% from last year, and the median price per square foot was $267.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $400K | N/A |
2 Bedrooms | $350.8K | $380K | +8.3% |
3 Bedrooms | $285K | $525K | +84.2% |
4 Bedrooms | - | $446K | N/A |
5+ Bedrooms | $433K | $1.4M | +231.4% |
Summary: Elk Rapids 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 8.3%, 3 bedroom homes increased by 84.2%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 231.4%.
Median Sold Price Compared To Nearby Cities
Elk Rapids Township | $397K | $459K | +15.6% |
Elk Rapids | $350.8K | $400K | +14.0% |
Williamsburg | $589K | $492.2K | -16.4% |
Housing Supply in Elk Rapids, MI
How many homes are available in Elk Rapids, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
15 | 15 | 0.0% |
Summary: The Elk Rapids real estate market had 15 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 | 3 | 3 | 0.0% |
3 Bedrooms | 8 | 8 | 0.0% |
4 Bedrooms | 3 | 3 | 0.0% |
5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Elk Rapids 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 |
---|---|---|
4 | 4 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 4 homes were sold or pending in Elk Rapids in May 2024, the same as the previous month. Of the 4 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.
Days on Market for Elk Rapids, MI
How long does it take to sell a home in Elk Rapids, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
35 Days | 41 Days | +17.6% |
Summary: Homes in Elk Rapids had an average of 41 days on market in May 2024, up by 17.6% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 4 homes were sold in Elk Rapids; 25% of homes were sold within 30 days, 75% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.