Is Solon 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, Solon Township has remained a Seller's Market.
Key Takeaway
Solon Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Solon Township, MI
How much do homes in Solon Township, MI cost?
Median Sold Price
$301,000
$250/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
The sold price of homes in Solon Township has remained the same since last year.
Summary: The median home sold price in Solon Township was $301,000 in May 2024, up 0.3% from last year, and the median price per square foot was $250.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $150K | $208.4K | +39.0% |
| 3 Bedrooms | $260K | $290K | +11.5% |
| 4 Bedrooms | $322.5K | $307K | -4.8% |
| 5+ Bedrooms | $335K | $442K | +31.9% |
Summary: Solon 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 39%, 3 bedroom homes increased by 11.5%, 4 bedroom homes decreased by 4.8%, and 5+ bedroom homes increased by 31.9%.
Median Sold Price Compared To Nearby Cities
| Nelson Township | $260K | $294.9K | +13.4% |
| Cedar Springs | $284.5K | $295K | +3.7% |
| Solon Township | $300K | $301K | 0.3% |
| Ensley Township | $230K | $230K | 0.0% |
| Algoma Township | $399.4K | $392.5K | -1.7% |
Housing Supply in Solon Township, MI
How many homes are available in Solon Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 25 | 21 | -16.0% |
Summary: The Solon Township real estate market had 21 homes for sale in May 2024, a 16.0% decrease 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 | 1 | -66.7% |
| 3 Bedrooms | 17 | 12 | -29.4% |
| 4 Bedrooms | 5 | 7 | +40.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Solon 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 66.7%, 3 bedroom homes decreased by 29.4%, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 13 | 9 | -30.8% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Solon Township, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Solon Township in May 2024, down by 30.8% month-over-month. Of the 9 sold homes, 44% were sold under asking, 11% were sold at asking, and 44% were sold over asking.
Days on Market for Solon Township, MI
How long does it take to sell a home in Solon Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 66 Days | 26 Days | -60.8% |
Summary: Homes in Solon Township had an average of 26 days on market in May 2024, down by 60.8% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Solon Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 9 homes were sold in Solon Township; 78% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.