Is Elwell, 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, Elwell has remained a Seller's Market.
Key Takeaway
Elwell is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Elwell, MI
How much do homes in Elwell, MI cost?
Median Sold Price
$299,950
$151/sqft
Based on all homes sold in May 2024.
Difference Since Last Month
Key Takeaway
Homes in Elwell have sold for 112.4% more than they did a month ago.
Summary: The median home sold price in Elwell was $299,950 in May 2024, up 112.4% from last month, and the median price per square foot was $151.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | - | N/A |
| 3 Bedrooms | $249.9K | $200K | -20.0% |
| 4 Bedrooms | $32.5K | $399.9K | +1130.5% |
| 5+ Bedrooms | - | - | N/A |
Summary: Elwell 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 decreased by 20%, 4 bedroom homes increased by 1130.5%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Seville Township | $89.9K | $399.9K | +344.8% |
| Sumner Township | $154K | $365K | +137.0% |
| Elwell | $141.2K | $299.9K | +112.4% |
Housing Supply in Elwell, MI
How many homes are available in Elwell, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 7 | 0.0% |
Summary: The Elwell real estate market had 7 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 | 0 | 1 | +100.0% |
| 3 Bedrooms | 5 | 5 | 0.0% |
| 4 Bedrooms | 2 | 1 | -50.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Elwell 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 100%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 50%, 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 Elwell, 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 Elwell 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 Elwell, MI
How long does it take to sell a home in Elwell, MI?
Average Sale Time
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 38 Days | 128 Days | +233.8% |
Summary: Homes in Elwell had an average of 128 days on market in May 2024, up by 233.8% compared to last month.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Elwell are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 2 homes were sold in Elwell; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
