Is Portland 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, Portland Township has remained a Seller's Market.
Housing Prices in Portland Township, MI
How much do homes in Portland Township, MI cost?
Median Sold Price
$240,000
$151/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Portland Township was $240,000 in May 2024, up 6.7% from last year, and the median price per square foot was $151.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $155K | N/A |
2 Bedrooms | $135.5K | $174K | +28.4% |
3 Bedrooms | $229K | $224.9K | -1.8% |
4 Bedrooms | $225.5K | $299K | +32.6% |
5+ Bedrooms | $344.5K | $423.4K | +22.9% |
Summary: Portland 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 28.4%, 3 bedroom homes decreased by 1.8%, 4 bedroom homes increased by 32.6%, and 5+ bedroom homes increased by 22.9%.
Median Sold Price Compared To Nearby Cities
Lyons Township | $170K | $210K | +23.5% |
Portland | $225K | $245K | +8.9% |
Portland Township | $225K | $240K | +6.7% |
Housing Supply in Portland Township, MI
How many homes are available in Portland Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
19 | 25 | +31.6% |
Summary: The Portland Township real estate market had 25 homes for sale in May 2024, a 31.6% 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 | 2 | 3 | +50.0% |
3 Bedrooms | 11 | 16 | +45.5% |
4 Bedrooms | 5 | 6 | +20.0% |
5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The Portland 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 50%, 3 bedroom homes increased by 45.5%, 4 bedroom homes increased by 20%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
6 | 10 | +66.7% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
3 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Summary: A total of 10 homes were sold or pending in Portland Township in May 2024, up by 66.7% month-over-month. Of the 10 sold homes, 10% were sold under asking, 30% were sold at asking, and 60% were sold over asking.
Days on Market for Portland Township, MI
How long does it take to sell a home in Portland Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
22 Days | 43 Days | +94.8% |
Summary: Homes in Portland Township had an average of 43 days on market in May 2024, up by 94.8% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 10 homes were sold in Portland Township; 70% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.