Is Banks Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Banks Township was a Seller's Market.
Key Takeaway
Banks Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Banks Township, MI
How much do homes in Banks Township, MI cost?
Median Sold Price
$525,000
$243/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Banks Township have sold for 29.9% less than they did a month ago.
Summary: The median home sold price in Banks Township was $525,000 in March 2024, down 29.9% from last month, and the median price per square foot was $243.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | - | N/A |
| 3 Bedrooms | - | $525K | N/A |
| 4 Bedrooms | $748.7K | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Banks Township housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Central Lake Township | $310K | $316K | +2.0% |
| Marion Township | $245K | $236.9K | -3.3% |
| Banks Township | $748.7K | $525K | -29.9% |
| Ellsworth | $748.7K | $525K | -29.9% |
Housing Supply in Banks Township, MI
How many homes are available in Banks Township, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 7 | 6 | -14.3% |
Summary: The Banks Township real estate market had 6 homes for sale in March 2024, a 14.3% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 2 | 3 | +50.0% |
| 4 Bedrooms | 4 | 2 | -50.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Banks Township housing inventory by bedroom type for March 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 50%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2 | 1 | -50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Banks Township, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in Banks Township in March 2024, down by 50.0% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Banks Township, MI
We’re sorry, we don't have information for this market at the moment
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