Is Temperance, 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, Temperance has remained a Seller's Market.
Key Takeaway
Temperance is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Temperance, MI
How much do homes in Temperance, MI cost?
Median Sold Price
$260,000
$159/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Temperance have sold for 1.4% more than they did a year ago.
Summary: The median home sold price in Temperance was $260,000 in May 2024, up 1.4% from last year, and the median price per square foot was $159.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $70K | - | N/A |
| 2 Bedrooms | $155.2K | $154.9K | -0.2% |
| 3 Bedrooms | $227K | $239.9K | +5.7% |
| 4 Bedrooms | $303.5K | $319.5K | +5.3% |
| 5+ Bedrooms | $325K | $462.5K | +42.3% |
Summary: Temperance 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 decreased by 0.2%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 5.3%, and 5+ bedroom homes increased by 42.3%.
Median Sold Price Compared To Nearby Cities
| Temperance | $256.5K | $260K | +1.4% |
| Bedford Township | $257.7K | $255.1K | -1.0% |
| Lambertville | $258.7K | $254.5K | -1.6% |
Housing Supply in Temperance, MI
How many homes are available in Temperance, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 50 | 54 | +8.0% |
Summary: The Temperance real estate market had 54 homes for sale in May 2024, a 8.0% 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 | 5 | 9 | +80.0% |
| 3 Bedrooms | 34 | 31 | -8.8% |
| 4 Bedrooms | 10 | 11 | +10.0% |
| 5+ Bedrooms | 1 | 3 | +200.0% |
Summary: The Temperance 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 80%, 3 bedroom homes decreased by 8.8%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 200%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 20 | 14 | -30.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Temperance, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 14 homes were sold or pending in Temperance in May 2024, down by 30.0% month-over-month. Of the 14 sold homes, 36% were sold under asking, 14% were sold at asking, and 50% were sold over asking.
Days on Market for Temperance, MI
How long does it take to sell a home in Temperance, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 9 Days | 53 Days | +452.0% |
Summary: Homes in Temperance had an average of 53 days on market in May 2024, up by 452% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Temperance are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 14 homes were sold in Temperance; 57% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
