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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lowell Charter Township is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Lowell Charter Township, MI

How much do homes in Lowell Charter Township, MI cost?

Median Sold Price

$400,000

$243/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$56,683(+16.5%)

Key Takeaway

Homes in Lowell Charter Township have sold for 16.5% more than they did a year ago.

Summary: The median home sold price in Lowell Charter Township was $400,000 in May 2024, up 16.5% from last year, and the median price per square foot was $243.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $123K$170K
+38.2%
2 $242K$350K
+44.6%
3 $307K$337.5K
+9.9%
4 $389.9K$449.9K
+15.4%
5+ $530K$556.2K
+5.0%

Summary: Lowell Charter Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 38.2%, 2 bedroom homes increased by 44.6%, 3 bedroom homes increased by 9.9%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes increased by 5%.

Median Sold Price Compared To Nearby Cities

Vergennes Township
+17.6%
Lowell
+17.0%
Lowell Charter Township
+16.5%
Boston Township
+10.9%
Ada
+3.4%

Housing Supply in Lowell Charter Township, MI

How many homes are available in Lowell Charter Township, MI?

Number of Homes For Sale

Apr 2024May 2024CHANGE
5254+3.8%

Summary: The Lowell Charter Township real estate market had 54 homes for sale in May 2024, a 3.8% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 65
-16.7%
3 2319
-17.4%
4 1721
+23.5%
5+ 69
+50.0%

Summary: The Lowell Charter 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 decreased by 16.7%, 3 bedroom homes decreased by 17.4%, 4 bedroom homes increased by 23.5%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Apr 2024May 2024CHANGE
1715-11.8%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lowell Charter Township, you could pay more than the asking price. 46.7% of homes here sold above asking price last month.

Summary: A total of 15 homes were sold or pending in Lowell Charter Township in May 2024, down by 11.8% month-over-month. Of the 15 sold homes, 27% were sold under asking, 27% were sold at asking, and 47% were sold over asking.

Days on Market for Lowell Charter Township, MI

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

Average Sale Time

May 2023May 2024CHANGE
7 Days9 Days+36.2%

Summary: Homes in Lowell Charter Township had an average of 9 days on market in May 2024, up by 36.2% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 15 homes were sold in Lowell Charter Township; 87% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 0% 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 17 Days Ago

Newest Listings in Lowell Charter Township, MI

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