Is Summit 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, Summit Township has remained a Seller's Market.
Key Takeaway
Summit Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Summit Township, MI
How much do homes in Summit Township, MI cost?
Median Sold Price
$218,250
$150/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Summit Township have sold for 12.7% more than they did a year ago.
Summary: The median home sold price in Summit Township was $218,250 in May 2024, up 12.7% from last year, and the median price per square foot was $150.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $74.5K | $100K | +34.2% |
| 2 Bedrooms | $140.5K | $160K | +13.9% |
| 3 Bedrooms | $196.6K | $205.2K | +4.4% |
| 4 Bedrooms | $251K | $275K | +9.6% |
| 5+ Bedrooms | $405.5K | $367K | -9.5% |
Summary: Summit Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 34.2%, 2 bedroom homes increased by 13.9%, 3 bedroom homes increased by 4.4%, 4 bedroom homes increased by 9.6%, and 5+ bedroom homes decreased by 9.5%.
Median Sold Price Compared To Nearby Cities
| Napoleon Township | $227.4K | $276.4K | +21.5% |
| Jackson | $155K | $175.1K | +13.0% |
| Summit Township | $193.6K | $218.2K | +12.7% |
| Blackman Charter Township | $172.2K | $190.5K | +10.6% |
| Liberty Township | $315K | $262K | -16.8% |
Housing Supply in Summit Township, MI
How many homes are available in Summit Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 82 | 87 | +6.1% |
Summary: The Summit Township real estate market had 87 homes for sale in May 2024, a 6.1% 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 | 17 | 14 | -17.6% |
| 3 Bedrooms | 34 | 43 | +26.5% |
| 4 Bedrooms | 23 | 21 | -8.7% |
| 5+ Bedrooms | 8 | 9 | +12.5% |
Summary: The Summit 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 17.6%, 3 bedroom homes increased by 26.5%, 4 bedroom homes decreased by 8.7%, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 30 | 29 | -3.3% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Summit Township, you could pay more than the asking price. 55.2% of homes here sold above asking price last month.
Summary: A total of 29 homes were sold or pending in Summit Township in May 2024, down by 3.3% month-over-month. Of the 29 sold homes, 24% were sold under asking, 21% were sold at asking, and 55% were sold over asking.
Days on Market for Summit Township, MI
How long does it take to sell a home in Summit Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 31 Days | 38 Days | +24.8% |
Summary: Homes in Summit Township had an average of 38 days on market in May 2024, up by 24.8% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Summit Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 29 homes were sold in Summit Township; 52% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 7% 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.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.