Is Elmwood 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
At the same time last year, Elmwood Charter Township was a Neutral Market.
Housing Prices in Elmwood Charter Township, MI
How much do homes in Elmwood Charter Township, MI cost?
Median Sold Price
$471,000
$258/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Elmwood Charter Township was $471,000 in May 2024, down 14.8% from last year, and the median price per square foot was $258.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $160K | N/A |
2 Bedrooms | $425K | $299.7K | -29.5% |
3 Bedrooms | $465K | $450K | -3.2% |
4 Bedrooms | $697.5K | $641.2K | -8.1% |
5+ Bedrooms | $2.9M | $1.8M | -35.0% |
Summary: Elmwood Charter 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 decreased by 29.5%, 3 bedroom homes decreased by 3.2%, 4 bedroom homes decreased by 8.1%, and 5+ bedroom homes decreased by 35%.
Median Sold Price Compared To Nearby Cities
Cedar | $412.5K | $495.5K | +20.1% |
Traverse City | $428.8K | $425K | -0.9% |
Elmwood Charter Township | $552.5K | $471K | -14.8% |
Housing Supply in Elmwood Charter Township, MI
How many homes are available in Elmwood Charter Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
14 | 17 | +21.4% |
Summary: The Elmwood Charter Township real estate market had 17 homes for sale in May 2024, a 21.4% 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 | 3 | 4 | +33.3% |
3 Bedrooms | 9 | 8 | -11.1% |
4 Bedrooms | 2 | 4 | +100.0% |
5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Elmwood Charter 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 increased by 33.3%, 3 bedroom homes decreased by 11.1%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
5 | 1 | -80.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 1 homes were sold or pending in Elmwood Charter Township in May 2024, down by 80.0% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Elmwood Charter Township, MI
How long does it take to sell a home in Elmwood Charter Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
41 Days | 52 Days | +25.3% |
Summary: Homes in Elmwood Charter Township had an average of 52 days on market in May 2024, up by 25.3% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 1 homes were sold in Elmwood Charter Township; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.