Is Elmwood Charter Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Elmwood Charter Township has remained a Seller's Market.
Key Takeaway
Elmwood Charter Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Elmwood Charter Township, MI
How much do homes in Elmwood Charter Township, MI cost?
Median Sold Price
$405,000
$275/sqft
Based on all homes sold in April 2024.
Difference Since Last Month
Key Takeaway
Homes in Elmwood Charter Township have sold for 16.8% less than they did a month ago.
Summary: The median home sold price in Elmwood Charter Township was $405,000 in April 2024, down 16.8% from last month, and the median price per square foot was $275.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $242K | $222K | -8.3% |
| 3 Bedrooms | $569.2K | $485K | -14.8% |
| 4 Bedrooms | $910K | - | N/A |
| 5+ Bedrooms | $469K | - | N/A |
Summary: Elmwood Charter Township housing prices by bedroom type for April 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 8.3%, 3 bedroom homes decreased by 14.8%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Solon Township | $320K | $1.2M | +300.0% |
| Cedar | $412K | $800K | +94.2% |
| Elmwood Charter Township | $486.5K | $405K | -16.8% |
Housing Supply in Elmwood Charter Township, MI
How many homes are available in Elmwood Charter Township, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 17 | 15 | -11.8% |
Summary: The Elmwood Charter Township real estate market had 15 homes for sale in April 2024, a 11.8% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 5 | 4 | -20.0% |
| 3 Bedrooms | 8 | 9 | +12.5% |
| 4 Bedrooms | 3 | 2 | -33.3% |
| 5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The Elmwood Charter 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 decreased by 20%, 3 bedroom homes increased by 12.5%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 8 | 5 | -37.5% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Elmwood Charter Township, expect to pay close to the asking price. 40% of homes here sold near the asking price last month.
Summary: A total of 5 homes were sold or pending in Elmwood Charter Township in April 2024, down by 37.5% month-over-month. Of the 5 sold homes, 20% were sold under asking, 40% were sold at asking, and 40% were sold over asking.
Days on Market for Elmwood Charter Township, MI
How long does it take to sell a home in Elmwood Charter Township, MI?
Average Sale Time
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 87 Days | 84 Days | -3.2% |
Summary: Homes in Elmwood Charter Township had an average of 84 days on market in Apr 2024, down by 3.2% compared to last month.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Elmwood Charter Township has remained consistent over time.
Summary: During April 2024, 5 homes were sold in Elmwood Charter Township; 20% of homes were sold within 30 days, 60% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
