Is Elba Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$300,000
$177/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Elba Township have sold for 17.9% more than they did a year ago.
Summary: The median home sold price in Elba Township was $300,000 in April 2024, up 17.9% from last year, and the median price per square foot was $177.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $189.2K | $85K | -55.1% |
| 2 Bedrooms | $155K | $173K | +11.6% |
| 3 Bedrooms | $254K | $271K | +6.7% |
| 4 Bedrooms | $348K | $410K | +17.8% |
| 5+ Bedrooms | $595K | $642.4K | +8.0% |
Summary: Elba Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 55.1%, 2 bedroom homes increased by 11.6%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 17.8%, and 5+ bedroom homes increased by 8%.
Median Sold Price Compared To Nearby Cities
| Oregon Township | $220K | $261K | +18.6% |
| Elba Township | $254.5K | $300K | +17.9% |
| Lapeer | $223.6K | $254.9K | +14.0% |
| Lapeer Township | $229.9K | $251.6K | +9.4% |
| Hadley Township | $375K | $403.2K | +7.5% |
Housing Supply in Elba Township, MI
How many homes are available in Elba Township, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 10 | 10 | 0.0% |
Summary: The Elba Township real estate market had 10 homes for sale in April 2024, the same as 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 | 4 | 5 | +25.0% |
| 4 Bedrooms | 4 | 3 | -25.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Elba 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 25%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 3 | 4 | +33.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Elba Township, you could pay more than the asking price. 75% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Elba Township in April 2024, up by 33.3% month-over-month. Of the 4 sold homes, 25% were sold under asking, 0% were sold at asking, and 75% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| -5 Days | 64 Days | -1385.0% |
Summary: Homes in Elba Township had an average of 64 days on market in Apr 2024, up by 1385% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Elba Township are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 4 homes were sold in Elba Township; 75% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
