Is Parma Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Parma Township has remained a Seller's Market.
Key Takeaway
Parma Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Parma Township, MI
How much do homes in Parma Township, MI cost?
Median Sold Price
$220,000
$158/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Parma Township have sold for 9.3% less than they did a year ago.
Summary: The median home sold price in Parma Township was $220,000 in March 2024, down 9.3% from last year, and the median price per square foot was $158.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $134.9K | $174K | +28.9% |
| 3 Bedrooms | $219K | $210K | -4.1% |
| 4 Bedrooms | $258.5K | $262.5K | +1.6% |
| 5+ Bedrooms | $300K | $442.7K | +47.6% |
Summary: Parma 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 increased by 28.9%, 3 bedroom homes decreased by 4.1%, 4 bedroom homes increased by 1.6%, and 5+ bedroom homes increased by 47.6%.
Median Sold Price Compared To Nearby Cities
| Parma Township | $242.5K | $220K | -9.3% |
| Parma | $242.5K | $220K | -9.3% |
| Sandstone Township | $281K | $225K | -19.9% |
Housing Supply in Parma Township, MI
How many homes are available in Parma Township, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 14 | 18 | +28.6% |
Summary: The Parma Township real estate market had 18 homes for sale in March 2024, a 28.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 3 | 4 | +33.3% |
| 3 Bedrooms | 5 | 3 | -40.0% |
| 4 Bedrooms | 4 | 7 | +75.0% |
| 5+ Bedrooms | 1 | 3 | +200.0% |
Summary: The Parma 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 increased by 33.3%, 3 bedroom homes decreased by 40%, 4 bedroom homes increased by 75%, and 5+ bedroom homes increased by 200%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6 | 4 | -33.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Parma Township, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Parma Township in March 2024, down by 33.3% month-over-month. Of the 4 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.
Days on Market for Parma Township, MI
How long does it take to sell a home in Parma Township, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 12 Days | 91 Days | +664.6% |
Summary: Homes in Parma Township had an average of 91 days on market in Mar 2024, up by 664.6% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Parma Township are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 4 homes were sold in Parma Township; 25% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 75% of homes were sold over 90 days.
