Is Chelsea, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Chelsea is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Chelsea has remained a Seller's Market.

Key Takeaway

Chelsea is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Chelsea, MI

How much do homes in Chelsea, MI cost?

Median Sold Price

$386,000

$202/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$4,500(+1.2%)

Key Takeaway

Homes in Chelsea have sold for 1.2% more than they did a year ago.

Summary: The median home sold price in Chelsea was $386,000 in February 2024, up 1.2% from last year, and the median price per square foot was $202.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 --
N/A
2 $245K$255K
+4.1%
3 $375K$369.9K
-1.3%
4 $451K$459.9K
+2.0%
5+ $560K$568.7K
+1.6%

Summary: Chelsea housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 4.1%, 3 bedroom homes decreased by 1.3%, 4 bedroom homes increased by 2%, and 5+ bedroom homes increased by 1.6%.

Median Sold Price Compared To Nearby Cities

Lima Township
+4.8%
Chelsea
+1.2%
Sylvan Township
-1.2%

Housing Supply in Chelsea, MI

How many homes are available in Chelsea, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
3437+8.8%

Summary: The Chelsea real estate market had 37 homes for sale in February 2024, a 8.8% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 43
-25.0%
3 1415
+7.1%
4 1317
+30.8%
5+ 32
-33.3%

Summary: The Chelsea housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 25%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 30.8%, and 5+ bedroom homes decreased by 33.3%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
710+42.9%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Chelsea, you may be able to get a good deal. 40% of homes here sold below asking price last month.

Summary: A total of 10 homes were sold or pending in Chelsea in February 2024, up by 42.9% month-over-month. Of the 10 sold homes, 40% were sold under asking, 40% were sold at asking, and 20% were sold over asking.

Days on Market for Chelsea, MI

How long does it take to sell a home in Chelsea, MI?

Average Sale Time

Feb 2023Feb 2024CHANGE
83 Days47 Days-43.4%

Summary: Homes in Chelsea had an average of 47 days on market in Feb 2024, down by 43.4% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Chelsea are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 10 homes were sold in Chelsea; 50% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 30% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

Newest Listings in Chelsea, MI

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