Is Bruce Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
At the same time last year, Bruce Township was a Seller's Market.
Key Takeaway
Bruce 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
How much do homes in Bruce Township, MI cost?
Median Sold Price
$400,000
$198/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in Bruce Township have sold for 4.2% more than they did a year ago.
Summary: The median home sold price in Bruce Township was $400,000 in August 2023, up 4.2% from last year, and the median price per square foot was $198.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $60K | $77.5K | +29.2% |
| 2 Bedrooms | $305.9K | $339.2K | +10.9% |
| 3 Bedrooms | $399.9K | $345K | -13.7% |
| 4 Bedrooms | $457.5K | $575K | +25.7% |
| 5+ Bedrooms | $900K | $527.5K | -41.4% |
Summary: Bruce Township housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes increased by 29.2%, 2 bedroom homes increased by 10.9%, 3 bedroom homes decreased by 13.7%, 4 bedroom homes increased by 25.7%, and 5+ bedroom homes decreased by 41.4%.
Median Sold Price Compared To Nearby Cities
| Romeo | $248.5K | $303K | +21.9% |
| Bruce Township | $384K | $400K | +4.2% |
| Washington | $430K | $430K | 0.0% |
| Washington Township | $425K | $418.3K | -1.6% |
Housing Supply
How many homes are available in Bruce Township, MI?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 44 | 50 | +13.6% |
Summary: The Bruce Township real estate market had 50 homes for sale in August 2023, a 13.6% increase compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 20 | 28 | +40.0% |
| 4 Bedrooms | 16 | 15 | -6.3% |
| 5+ Bedrooms | 6 | 5 | -16.7% |
Summary: The Bruce Township housing inventory by bedroom type for August 2023 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 40%, 4 bedroom homes decreased by 6.3%, and 5+ bedroom homes decreased by 16.7%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 9 | 8 | -11.1% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Bruce Township, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Bruce Township in August 2023, down by 11.1% 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
How long does it take to sell a home in Bruce Township, MI?
Average Sale Time
| Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 87 Days | 44 Days | -49.1% |
Summary: Homes in Bruce Township had an average of 44 days on market in Aug 2023, down by 49.1% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Bruce Township are selling fast, if you're buying plan to act quickly.
Summary: During August 2023, 8 homes were sold in Bruce Township; 50% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.