Is Spencer 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, Spencer Township has remained a Neutral Market.
Key Takeaway
Spencer Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Spencer Township, MI
How much do homes in Spencer Township, MI cost?
Median Sold Price
$293,000
$220/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Spencer Township have sold for 1.1% more than they did a year ago.
Summary: The median home sold price in Spencer Township was $293,000 in May 2024, up 1.1% from last year, and the median price per square foot was $220.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $120K | $150K | +25.0% |
| 2 Bedrooms | $200K | $171K | -14.5% |
| 3 Bedrooms | $289.9K | $285K | -1.7% |
| 4 Bedrooms | $294K | $385K | +31.0% |
| 5+ Bedrooms | $378K | $620K | +64.0% |
Summary: Spencer Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25%, 2 bedroom homes decreased by 14.5%, 3 bedroom homes decreased by 1.7%, 4 bedroom homes increased by 31%, and 5+ bedroom homes increased by 64%.
Median Sold Price Compared To Nearby Cities
| Trufant | $239.9K | $289.9K | +20.8% |
| Montcalm Township | $219.5K | $250K | +13.9% |
| Oakfield Township | $317.5K | $350K | +10.2% |
| Spencer Township | $289.9K | $293K | +1.1% |
| Gowen | $290K | $250K | -13.8% |
Housing Supply in Spencer Township, MI
How many homes are available in Spencer Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 9 | 12 | +33.3% |
Summary: The Spencer Township real estate market had 12 homes for sale in May 2024, a 33.3% 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 | 6 | 6 | 0.0% |
| 4 Bedrooms | 1 | 3 | +200.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Spencer 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 remained the same, 4 bedroom homes increased by 200%, 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
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Spencer Township, expect to pay close to the asking price. 100% of homes here sold near the asking price last month.
Summary: A total of 2 homes were sold or pending in Spencer Township in May 2024, the same as the previous month. Of the 2 sold homes, 0% were sold under asking, 100% were sold at asking, and 0% were sold over asking.
Days on Market for Spencer Township, MI
How long does it take to sell a home in Spencer Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 27 Days | 70 Days | +157.9% |
Summary: Homes in Spencer Township had an average of 70 days on market in May 2024, up by 157.9% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Spencer Township has remained consistent over time.
Summary: During May 2024, 2 homes were sold in Spencer Township; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
