Is Elk Rapids, 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, Elk Rapids was a Neutral Market.
Key Takeaway
Elk Rapids is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Elk Rapids, MI
How much do homes in Elk Rapids, MI cost?
Median Sold Price
$400,000
$261/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Elk Rapids have sold for 7.8% more than they did a month ago.
Summary: The median home sold price in Elk Rapids was $400,000 in March 2024, up 7.8% from last month, and the median price per square foot was $261.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | $399.9K | N/A |
| 3 Bedrooms | - | $429.5K | N/A |
| 4 Bedrooms | $371K | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Elk Rapids 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
| Elk Rapids Township | $375K | $425K | +13.3% |
| Elk Rapids | $371K | $400K | +7.8% |
| Williamsburg | $878.8K | $371.5K | -57.7% |
Housing Supply in Elk Rapids, MI
How many homes are available in Elk Rapids, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 13 | 15 | +15.4% |
Summary: The Elk Rapids real estate market had 15 homes for sale in March 2024, a 15.4% increase 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 | 4 | 5 | +25.0% |
| 3 Bedrooms | 6 | 8 | +33.3% |
| 4 Bedrooms | 3 | 1 | -66.7% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Elk Rapids 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 increased by 25%, 3 bedroom homes increased by 33.3%, 4 bedroom homes decreased by 66.7%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2 | 5 | +150.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Elk Rapids, you may be able to get a good deal. 40% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Elk Rapids in March 2024, up by 150.0% month-over-month. Of the 5 sold homes, 40% were sold under asking, 40% were sold at asking, and 20% were sold over asking.
Days on Market for Elk Rapids, MI
How long does it take to sell a home in Elk Rapids, MI?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 156 Days | 73 Days | -53.4% |
Summary: Homes in Elk Rapids had an average of 73 days on market in Mar 2024, down by 53.4% compared to last month.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Elk Rapids are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 5 homes were sold in Elk Rapids; 40% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.
