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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lenox Township is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

Housing Prices in Lenox Township, MI

How much do homes in Lenox Township, MI cost?

Median Sold Price

$285,500

$163/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

-$8,665(-2.9%)

Key Takeaway

Homes in Lenox Township have sold for 2.9% less than they did a year ago.

Summary: The median home sold price in Lenox Township was $285,500 in March 2024, down 2.9% from last year, and the median price per square foot was $163.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 --
N/A
2 $159.9K$157.5K
-1.6%
3 $272K$270K
-0.7%
4 $342.7K$322.8K
-5.8%
5+ $350K$362.5K
+3.6%

Summary: Lenox Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 1.6%, 3 bedroom homes decreased by 0.7%, 4 bedroom homes decreased by 5.8%, and 5+ bedroom homes increased by 3.6%.

Median Sold Price Compared To Nearby Cities

Richmond
+22.5%
Lenox Township
-2.9%

Housing Supply in Lenox Township, MI

How many homes are available in Lenox Township, MI?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
1512-20.0%

Summary: The Lenox Township real estate market had 12 homes for sale in March 2024, a 20.0% decrease compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 11
0.0%
3 98
-11.1%
4 43
-25.0%
5+ 10
-100.0%

Summary: The Lenox 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 remained the same, 3 bedroom homes decreased by 11.1%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes decreased by 100%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
73-57.1%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lenox Township, you could pay more than the asking price. 100% of homes here sold above asking price last month.

Summary: A total of 3 homes were sold or pending in Lenox Township in March 2024, down by 57.1% month-over-month. Of the 3 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.

Days on Market for Lenox Township, MI

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

Average Sale Time

Mar 2023Mar 2024CHANGE
10 Days52 Days+413.8%

Summary: Homes in Lenox Township had an average of 52 days on market in Mar 2024, up by 413.8% compared to last year.

Breakdown of Home Sale Times

2 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 Lenox Township are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 3 homes were sold in Lenox Township; 67% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 33% 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 24 Days Ago

Newest Listings in Lenox Township, MI

Nearby Markets to Lenox Township, MI

What housing markets are near Lenox Township, MI?