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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Forest Township is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Forest Township, MI

How much do homes in Forest Township, MI cost?

Median Sold Price

$175,325

$152/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$7,675(-4.2%)

Key Takeaway

Homes in Forest Township have sold for 4.2% less than they did a year ago.

Summary: The median home sold price in Forest Township was $175,325 in May 2024, down 4.2% from last year, and the median price per square foot was $152.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 -$325K
N/A
2 $175K$130K
-25.7%
3 $175K$172K
-1.7%
4 $197.5K$292K
+47.8%
5+ $423K$295K
-30.3%

Summary: Forest Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 25.7%, 3 bedroom homes decreased by 1.7%, 4 bedroom homes increased by 47.8%, and 5+ bedroom homes decreased by 30.3%.

Median Sold Price Compared To Nearby Cities

Otter Lake
+13.5%
Marathon Township
+8.4%
Millington Township
-0.8%
Otisville
-3.0%
Forest Township
-4.2%

Housing Supply in Forest Township, MI

How many homes are available in Forest Township, MI?

Number of Homes For Sale

Apr 2024May 2024CHANGE
1016+60.0%

Summary: The Forest Township real estate market had 16 homes for sale in May 2024, a 60.0% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 23
+50.0%
3 58
+60.0%
4 34
+33.3%
5+ 01
+100.0%

Summary: The Forest Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 60%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Apr 2024May 2024CHANGE
36+100.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Forest Township, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 6 homes were sold or pending in Forest Township in May 2024, up by 100.0% month-over-month. Of the 6 sold homes, 33% were sold under asking, 17% were sold at asking, and 50% were sold over asking.

Days on Market for Forest Township, MI

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

Average Sale Time

May 2023May 2024CHANGE
56 Days33 Days-39.6%

Summary: Homes in Forest Township had an average of 33 days on market in May 2024, down by 39.6% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Forest Township are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 6 homes were sold in Forest Township; 83% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 17% 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 20 Days Ago

Newest Listings in Forest Township, MI

Nearby Markets to Forest Township, MI

What housing markets are near Forest Township, MI?