Is Salem Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Salem Township was a Neutral Market.
Housing Prices in Salem Township, MI
How much do homes in Salem Township, MI cost?
Median Sold Price
$509,000
$226/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Salem Township was $509,000 in April 2024, down 21.7% from last year, and the median price per square foot was $226.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $554.4K | $680K | +22.6% |
3 Bedrooms | $414K | $382K | -7.7% |
4 Bedrooms | $750K | $635K | -15.3% |
5+ Bedrooms | $614.5K | $880K | +43.2% |
Summary: Salem Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 22.6%, 3 bedroom homes decreased by 7.7%, 4 bedroom homes decreased by 15.3%, and 5+ bedroom homes increased by 43.2%.
Median Sold Price Compared To Nearby Cities
South Lyon | $397K | $440.2K | +10.9% |
Plymouth Charter Township | $402K | $425.5K | +5.8% |
Lyon Charter Township | $524.9K | $550K | +4.8% |
Northville Township | $500.4K | $495.8K | -0.9% |
Salem Township | $650K | $509K | -21.7% |
Housing Supply in Salem Township, MI
How many homes are available in Salem Township, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
18 | 28 | +55.6% |
Summary: The Salem Township real estate market had 28 homes for sale in April 2024, a 55.6% 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 | 1 | 1 | 0.0% |
3 Bedrooms | 6 | 11 | +83.3% |
4 Bedrooms | 5 | 7 | +40.0% |
5+ Bedrooms | 6 | 9 | +50.0% |
Summary: The Salem 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 remained the same, 3 bedroom homes increased by 83.3%, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
1 | 4 | +300.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 4 homes were sold or pending in Salem Township in April 2024, up by 300.0% month-over-month. Of the 4 sold homes, 75% were sold under asking, 0% were sold at asking, and 25% were sold over asking.
Days on Market for Salem Township, MI
How long does it take to sell a home in Salem Township, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
16 Days | 11 Days | -30.3% |
Summary: Homes in Salem Township had an average of 11 days on market in Apr 2024, down by 30.3% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 4 homes were sold in Salem 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.