Is Lowell 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
Since last year, Lowell Charter Township has remained a Seller's Market.
Key Takeaway
Lowell Charter Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lowell Charter Township, MI
How much do homes in Lowell Charter Township, MI cost?
Median Sold Price
$400,000
$243/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lowell Charter Township have sold for 16.5% more than they did a year ago.
Summary: The median home sold price in Lowell Charter Township was $400,000 in May 2024, up 16.5% from last year, and the median price per square foot was $243.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $123K | $170K | +38.2% |
| 2 Bedrooms | $242K | $350K | +44.6% |
| 3 Bedrooms | $307K | $337.5K | +9.9% |
| 4 Bedrooms | $389.9K | $449.9K | +15.4% |
| 5+ Bedrooms | $530K | $556.2K | +5.0% |
Summary: Lowell Charter Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 38.2%, 2 bedroom homes increased by 44.6%, 3 bedroom homes increased by 9.9%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes increased by 5%.
Median Sold Price Compared To Nearby Cities
| Vergennes Township | $425K | $500K | +17.6% |
| Lowell | $341.8K | $400K | +17.0% |
| Lowell Charter Township | $343.3K | $400K | +16.5% |
| Boston Township | $275K | $305K | +10.9% |
| Ada | $580K | $600K | +3.4% |
Housing Supply in Lowell Charter Township, MI
How many homes are available in Lowell Charter Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 52 | 54 | +3.8% |
Summary: The Lowell Charter Township real estate market had 54 homes for sale in May 2024, a 3.8% 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 | 6 | 5 | -16.7% |
| 3 Bedrooms | 23 | 19 | -17.4% |
| 4 Bedrooms | 17 | 21 | +23.5% |
| 5+ Bedrooms | 6 | 9 | +50.0% |
Summary: The Lowell 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 decreased by 16.7%, 3 bedroom homes decreased by 17.4%, 4 bedroom homes increased by 23.5%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 15 | -11.8% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lowell Charter Township, you could pay more than the asking price. 46.7% of homes here sold above asking price last month.
Summary: A total of 15 homes were sold or pending in Lowell Charter Township in May 2024, down by 11.8% month-over-month. Of the 15 sold homes, 27% were sold under asking, 27% were sold at asking, and 47% were sold over asking.
Days on Market for Lowell Charter Township, MI
How long does it take to sell a home in Lowell Charter Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 7 Days | 9 Days | +36.2% |
Summary: Homes in Lowell Charter Township had an average of 9 days on market in May 2024, up by 36.2% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lowell Charter Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 15 homes were sold in Lowell Charter Township; 87% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
