Is Lima 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, Lima Township was a Buyer's Market.
Key Takeaway
Lima Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lima Township, MI
How much do homes in Lima Township, MI cost?
Median Sold Price
$516,500
$230/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Lima Township have sold for 24.5% more than they did a month ago.
Summary: The median home sold price in Lima Township was $516,500 in March 2024, up 24.5% from last month, and the median price per square foot was $230.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | - | N/A |
| 3 Bedrooms | - | $407K | N/A |
| 4 Bedrooms | $415K | $600K | +44.6% |
| 5+ Bedrooms | - | $760K | N/A |
Summary: Lima 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 44.6%, and 5+ bedroom homes did not change.
Housing Supply in Lima Township, MI
How many homes are available in Lima Township, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 8 | 14 | +75.0% |
Summary: The Lima Township real estate market had 14 homes for sale in March 2024, a 75.0% 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 | 0 | 0 | 0.0% |
| 3 Bedrooms | 1 | 6 | +500.0% |
| 4 Bedrooms | 6 | 6 | 0.0% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Lima 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 increased by 500%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1 | 6 | +500.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lima Township, you could pay more than the asking price. 83.3% of homes here sold above asking price last month.
Summary: A total of 6 homes were sold or pending in Lima Township in March 2024, up by 500.0% month-over-month. Of the 6 sold homes, 17% were sold under asking, 0% were sold at asking, and 83% were sold over asking.
Days on Market for Lima Township, MI
How long does it take to sell a home in Lima Township, MI?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 46 Days | 17 Days | -63.0% |
Summary: Homes in Lima Township had an average of 17 days on market in Mar 2024, down by 63% compared to last month.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lima Township are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 6 homes were sold in Lima Township; 83% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
