Is Elk Rapids Township, 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 Township was a Neutral Market.
Key Takeaway
Elk Rapids Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Elk Rapids Township, MI
How much do homes in Elk Rapids Township, MI cost?
Median Sold Price
$425,000
$327/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Elk Rapids Township have sold for 13.3% more than they did a month ago.
Summary: The median home sold price in Elk Rapids Township was $425,000 in March 2024, up 13.3% from last month, and the median price per square foot was $327.
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 | - | $459K | N/A |
| 4 Bedrooms | $375K | $1.6M | +326.7% |
| 5+ Bedrooms | - | - | N/A |
Summary: Elk Rapids Township 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 increased by 326.7%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Rapid City | $245K | $306K | +24.9% |
| Elk Rapids Township | $375K | $425K | +13.3% |
| Elk Rapids | $371K | $400K | +7.8% |
Housing Supply in Elk Rapids Township, MI
How many homes are available in Elk Rapids Township, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 21 | 23 | +9.5% |
Summary: The Elk Rapids Township real estate market had 23 homes for sale in March 2024, a 9.5% 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 | 8 | 10 | +25.0% |
| 4 Bedrooms | 9 | 7 | -22.2% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Elk Rapids Township 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 25%, 4 bedroom homes decreased by 22.2%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 7 | +133.3% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Elk Rapids Township, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in Elk Rapids Township in March 2024, up by 133.3% month-over-month. Of the 7 sold homes, 43% were sold under asking, 29% were sold at asking, and 29% were sold over asking.
Days on Market for Elk Rapids Township, MI
How long does it take to sell a home in Elk Rapids Township, MI?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 133 Days | 71 Days | -46.2% |
Summary: Homes in Elk Rapids Township had an average of 71 days on market in Mar 2024, down by 46.2% compared to last month.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Elk Rapids Township are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 7 homes were sold in Elk Rapids Township; 29% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 43% of homes were sold over 90 days.
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.