Is Algoma 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, Algoma Township has remained a Seller's Market.
Housing Prices in Algoma Township, MI
How much do homes in Algoma Township, MI cost?
Median Sold Price
$392,500
$250/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Algoma Township was $392,500 in May 2024, down 1.7% from last year, and the median price per square foot was $250.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $334.9K | $330K | -1.5% |
2 Bedrooms | $342.2K | $267.5K | -21.8% |
3 Bedrooms | $347.7K | $375K | +7.8% |
4 Bedrooms | $429.9K | $425K | -1.1% |
5+ Bedrooms | $510K | $585K | +14.7% |
Summary: Algoma Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.5%, 2 bedroom homes decreased by 21.8%, 3 bedroom homes increased by 7.8%, 4 bedroom homes decreased by 1.1%, and 5+ bedroom homes increased by 14.7%.
Median Sold Price Compared To Nearby Cities
Courtland Township | $425K | $450K | +5.9% |
Cedar Springs | $284.5K | $295K | +3.7% |
Rockford | $402K | $415.4K | +3.3% |
Solon Township | $300K | $301K | 0.3% |
Algoma Township | $399.4K | $392.5K | -1.7% |
Housing Supply in Algoma Township, MI
How many homes are available in Algoma Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
30 | 27 | -10.0% |
Summary: The Algoma Township real estate market had 27 homes for sale in May 2024, a 10.0% decrease 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 | 3 | -40.0% |
3 Bedrooms | 12 | 12 | 0.0% |
4 Bedrooms | 10 | 8 | -20.0% |
5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Algoma 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 40%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 20%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
11 | 10 | -9.1% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 10 homes were sold or pending in Algoma Township in May 2024, down by 9.1% month-over-month. Of the 10 sold homes, 20% were sold under asking, 0% were sold at asking, and 80% were sold over asking.
Days on Market for Algoma Township, MI
How long does it take to sell a home in Algoma Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
62 Days | 4 Days | -92.2% |
Summary: Homes in Algoma Township had an average of 4 days on market in May 2024, down by 92.2% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 10 homes were sold in Algoma Township; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.