Is Elba Township, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elba Township is a seller's market

Buyer's
Market

Difference Since September 2023

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

Key Takeaway

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

Housing Prices in Elba Township, MI

How much do homes in Elba Township, MI cost?

Median Sold Price

$340,000

$181/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$105,000(+44.7%)

Key Takeaway

Homes in Elba Township have sold for 44.7% more than they did a year ago.

Summary: The median home sold price in Elba Township was $340,000 in September 2024, up 44.7% from last year, and the median price per square foot was $181.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $189.2K$105K
-44.5%
2 $173K$146.9K
-15.1%
3 $235K$290.5K
+23.6%
4 $270K$462.5K
+71.3%
5+ $597.5K$635K
+6.3%

Summary: Elba Township housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 44.5%, 2 bedroom homes decreased by 15.1%, 3 bedroom homes increased by 23.6%, 4 bedroom homes increased by 71.3%, and 5+ bedroom homes increased by 6.3%.

Median Sold Price Compared To Nearby Cities

Elba Township
+44.7%
Oregon Township
+22.3%
Lapeer Township
+11.2%
Lapeer
+10.4%
Hadley Township
-6.3%

Housing Supply in Elba Township, MI

How many homes are available in Elba Township, MI?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
2122+4.8%

Summary: The Elba Township real estate market had 22 homes for sale in September 2024, a 4.8% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 00
0.0%
2 32
-33.3%
3 1314
+7.7%
4 33
0.0%
5+ 23
+50.0%

Summary: The Elba Township housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 33.3%, 3 bedroom homes increased by 7.7%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
550.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elba Township, you may be able to get a good deal. 60% of homes here sold below asking price last month.

Summary: A total of 5 homes were sold or pending in Elba Township in September 2024, the same as the previous month. Of the 5 sold homes, 60% were sold under asking, 0% were sold at asking, and 40% were sold over asking.

Days on Market for Elba Township, MI

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

Average Sale Time

Sep 2023Sep 2024CHANGE
14 Days44 Days+204.8%

Summary: Homes in Elba Township had an average of 44 days on market in Sep 2024, up by 204.8% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Elba Township has remained consistent over time.

Summary: During September 2024, 5 homes were sold in Elba Township; 20% of homes were sold within 30 days, 80% of homes were sold within 30 to 90 days, and 0% 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 30 Days Ago

Newest Listings in Elba Township, MI

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