Is Elk Rapids Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Elk Rapids Township has remained a Seller's Market.
Housing Prices in Elk Rapids Township, MI
How much do homes in Elk Rapids Township, MI cost?
Median Sold Price
$525,000
$237/sqft
Based on all homes sold in April 2024.
Difference Since Last Month
Summary: The median home sold price in Elk Rapids Township was $525,000 in April 2024, up 23.5% from last month, and the median price per square foot was $237.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $399.9K | $397K | -0.7% |
3 Bedrooms | $459K | $525K | +14.4% |
4 Bedrooms | $1.6M | $2.1M | +34.4% |
5+ Bedrooms | - | - | N/A |
Summary: Elk Rapids Township housing prices by bedroom type for April 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 0.7%, 3 bedroom homes increased by 14.4%, 4 bedroom homes increased by 34.4%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
Rapid City | $306K | $853.7K | +179.0% |
Elk Rapids Township | $425K | $525K | +23.5% |
Elk Rapids | $400K | $461K | +15.3% |
Milton Township | $362K | $270K | -25.4% |
Kewadin | $435K | $215K | -50.6% |
Housing Supply in Elk Rapids Township, MI
How many homes are available in Elk Rapids Township, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
22 | 26 | +18.2% |
Summary: The Elk Rapids Township real estate market had 26 homes for sale in April 2024, a 18.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 6 | 3 | -50.0% |
3 Bedrooms | 9 | 13 | +44.4% |
4 Bedrooms | 6 | 8 | +33.3% |
5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Elk Rapids Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes increased by 44.4%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
7 | 5 | -28.6% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 5 homes were sold or pending in Elk Rapids Township in April 2024, down by 28.6% month-over-month. Of the 5 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% were sold over asking.
Days on Market for Elk Rapids Township, MI
How long does it take to sell a home in Elk Rapids Township, MI?
Average Sale Time
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
71 Days | 173 Days | +141.9% |
Summary: Homes in Elk Rapids Township had an average of 173 days on market in Apr 2024, up by 141.9% compared to last month.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During April 2024, 5 homes were sold in Elk Rapids Township; 40% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 60% of homes were sold over 90 days.