Is Elk Rapids, 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 has remained a Seller's Market.
Housing Prices in Elk Rapids, MI
How much do homes in Elk Rapids, MI cost?
Median Sold Price
$461,000
$224/sqft
Based on all homes sold in April 2024.
Difference Since Last Month
Summary: The median home sold price in Elk Rapids was $461,000 in April 2024, up 15.3% from last month, and the median price per square foot was $224.
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 | $429.5K | $525K | +22.2% |
4 Bedrooms | - | - | N/A |
5+ Bedrooms | - | - | N/A |
Summary: Elk Rapids 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 22.2%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
Williamsburg | $371.5K | $560K | +50.7% |
Elk Rapids Township | $425K | $525K | +23.5% |
Elk Rapids | $400K | $461K | +15.3% |
Housing Supply in Elk Rapids, MI
How many homes are available in Elk Rapids, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
15 | 15 | 0.0% |
Summary: The Elk Rapids real estate market had 15 homes for sale in April 2024, the same as 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 | 7 | 8 | +14.3% |
4 Bedrooms | 1 | 3 | +200.0% |
5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Elk Rapids 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 14.3%, 4 bedroom homes increased by 200%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
5 | 4 | -20.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 4 homes were sold or pending in Elk Rapids in April 2024, down by 20.0% month-over-month. Of the 4 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.
Days on Market for Elk Rapids, MI
How long does it take to sell a home in Elk Rapids, MI?
Average Sale Time
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
73 Days | 159 Days | +118.5% |
Summary: Homes in Elk Rapids had an average of 159 days on market in Apr 2024, up by 118.5% compared to last month.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 4 homes were sold in Elk Rapids; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.