Is Mayfield 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, Mayfield Township has remained a Seller's Market.
Key Takeaway
Mayfield Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Mayfield Township, MI
How much do homes in Mayfield Township, MI cost?
Median Sold Price
$265,000
$186/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Mayfield Township have sold for 9.3% more than they did a year ago.
Summary: The median home sold price in Mayfield Township was $265,000 in May 2024, up 9.3% from last year, and the median price per square foot was $186.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $127K | - | N/A |
| 2 Bedrooms | $162K | $207K | +27.8% |
| 3 Bedrooms | $232.5K | $250K | +7.5% |
| 4 Bedrooms | $275K | $370K | +34.5% |
| 5+ Bedrooms | $487.5K | - | N/A |
Summary: Mayfield 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 27.8%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 34.5%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Deerfield Township | $225K | $252K | +12.0% |
| Lapeer | $230.3K | $255.8K | +11.1% |
| Lapeer Township | $231.5K | $255K | +10.2% |
| Mayfield Township | $242.5K | $265K | +9.3% |
| Attica | $261.5K | $267.5K | +2.3% |
Housing Supply in Mayfield Township, MI
How many homes are available in Mayfield Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 18 | +5.9% |
Summary: The Mayfield Township real estate market had 18 homes for sale in May 2024, a 5.9% 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 | 0 | 0 | 0.0% |
| 3 Bedrooms | 13 | 10 | -23.1% |
| 4 Bedrooms | 3 | 7 | +133.3% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Mayfield 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 remained the same, 3 bedroom homes decreased by 23.1%, 4 bedroom homes increased by 133.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 5 | +150.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Mayfield Township, you could pay more than the asking price. 60% of homes here sold above asking price last month.
Summary: A total of 5 homes were sold or pending in Mayfield Township in May 2024, up by 150.0% month-over-month. Of the 5 sold homes, 20% were sold under asking, 20% were sold at asking, and 60% were sold over asking.
Days on Market for Mayfield Township, MI
How long does it take to sell a home in Mayfield Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 35 Days | +63.7% |
Summary: Homes in Mayfield Township had an average of 35 days on market in May 2024, up by 63.7% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Mayfield Township has remained consistent over time.
Summary: During May 2024, 5 homes were sold in Mayfield Township; 40% of homes were sold within 30 days, 60% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
