Is Addison 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, Addison Township has remained a Seller's Market.
Housing Prices in Addison Township, MI
How much do homes in Addison Township, MI cost?
Median Sold Price
$364,500
$197/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Addison Township was $364,500 in May 2024, up 2.7% from last year, and the median price per square foot was $197.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $412.5K | $18K | -95.6% |
2 Bedrooms | $240K | $200K | -16.7% |
3 Bedrooms | $355K | $340K | -4.2% |
4 Bedrooms | $355K | $560K | +57.7% |
5+ Bedrooms | $650K | $635K | -2.3% |
Summary: Addison Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 95.6%, 2 bedroom homes decreased by 16.7%, 3 bedroom homes decreased by 4.2%, 4 bedroom homes increased by 57.7%, and 5+ bedroom homes decreased by 2.3%.
Median Sold Price Compared To Nearby Cities
Leonard | $442.4K | $482.2K | +9.0% |
Oakland | $657.5K | $680K | +3.4% |
Addison Township | $355K | $364.5K | +2.7% |
Bruce Township | $400.5K | $408.2K | +1.9% |
Oakland Charter Township | $595K | $600K | +0.8% |
Housing Supply in Addison Township, MI
How many homes are available in Addison Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
27 | 38 | +40.7% |
Summary: The Addison Township real estate market had 38 homes for sale in May 2024, a 40.7% 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 | 6 | +200.0% |
3 Bedrooms | 11 | 11 | 0.0% |
4 Bedrooms | 12 | 16 | +33.3% |
5+ Bedrooms | 2 | 5 | +150.0% |
Summary: The Addison 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 200%, 3 bedroom homes remained the same, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 150%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
4 | 8 | +100.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 8 homes were sold or pending in Addison Township in May 2024, up by 100.0% month-over-month. Of the 8 sold homes, 50% were sold under asking, 13% were sold at asking, and 38% were sold over asking.
Days on Market for Addison Township, MI
How long does it take to sell a home in Addison Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
56 Days | 73 Days | +30.9% |
Summary: Homes in Addison Township had an average of 73 days on market in May 2024, up by 30.9% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 8 homes were sold in Addison Township; 38% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.