Is Spring Arbor 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, Spring Arbor Township has remained a Seller's Market.
Housing Prices in Spring Arbor Township, MI
How much do homes in Spring Arbor Township, MI cost?
Median Sold Price
$250,000
$183/sqft
Based on all homes sold in the last 12 months.
The Median Sold Price hasn't changed since May 2023.
Summary: The median home sold price in Spring Arbor Township was $250,000 in May 2024, the same as last year, and the median price per square foot was $183.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $167.5K | $158.7K | -5.2% |
3 Bedrooms | $245K | $240K | -2.0% |
4 Bedrooms | $262.5K | $320K | +21.9% |
5+ Bedrooms | $329.5K | $403.5K | +22.5% |
Summary: Spring Arbor 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 decreased by 5.2%, 3 bedroom homes decreased by 2%, 4 bedroom homes increased by 21.9%, and 5+ bedroom homes increased by 22.5%.
Median Sold Price Compared To Nearby Cities
Horton | $235K | $361K | +53.6% |
Summit Township | $193.6K | $218.2K | +12.7% |
Spring Arbor | $264.9K | $274K | +3.4% |
Spring Arbor Township | $250K | $250K | 0.0% |
Sandstone Township | $250K | $206.3K | -17.5% |
Housing Supply in Spring Arbor Township, MI
How many homes are available in Spring Arbor Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
13 | 17 | +30.8% |
Summary: The Spring Arbor Township real estate market had 17 homes for sale in May 2024, a 30.8% 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 | 1 | -50.0% |
3 Bedrooms | 5 | 8 | +60.0% |
4 Bedrooms | 4 | 7 | +75.0% |
5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Spring Arbor 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 50%, 3 bedroom homes increased by 60%, 4 bedroom homes increased by 75%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
8 | 8 | 0.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 8 homes were sold or pending in Spring Arbor Township in May 2024, the same as the previous month. Of the 8 sold homes, 38% were sold under asking, 13% were sold at asking, and 50% were sold over asking.
Days on Market for Spring Arbor Township, MI
How long does it take to sell a home in Spring Arbor Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
15 Days | 23 Days | +57.2% |
Summary: Homes in Spring Arbor Township had an average of 23 days on market in May 2024, up by 57.2% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 8 homes were sold in Spring Arbor Township; 63% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.