Is Peninsula Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Peninsula Township has remained a Seller's Market.
Key Takeaway
Peninsula Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Peninsula Township, MI
How much do homes in Peninsula Township, MI cost?
Median Sold Price
$867,500
$306/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Peninsula Township have sold for 13.2% less than they did a year ago.
Summary: The median home sold price in Peninsula Township was $867,500 in June 2024, down 13.3% from last year, and the median price per square foot was $306.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $291K | N/A |
| 2 Bedrooms | $726K | $386.5K | -46.8% |
| 3 Bedrooms | $1.0M | $795.5K | -20.4% |
| 4 Bedrooms | $1.1M | $1.1M | -3.5% |
| 5+ Bedrooms | $1.0M | $2.0M | +96.7% |
Summary: Peninsula Township housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 46.8%, 3 bedroom homes decreased by 20.4%, 4 bedroom homes decreased by 3.5%, and 5+ bedroom homes increased by 96.7%.
Median Sold Price Compared To Nearby Cities
| Traverse City | $450K | $425K | -5.6% |
| Peninsula Township | $1.0M | $867.5K | -13.3% |
Housing Supply in Peninsula Township, MI
How many homes are available in Peninsula Township, MI?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 39 | 48 | +23.1% |
Summary: The Peninsula Township real estate market had 48 homes for sale in June 2024, a 23.1% increase compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 8 | 8 | 0.0% |
| 3 Bedrooms | 10 | 13 | +30.0% |
| 4 Bedrooms | 15 | 22 | +46.7% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The Peninsula Township housing inventory by bedroom type for June 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 30%, 4 bedroom homes increased by 46.7%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 8 | 10 | +25.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Peninsula Township, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in Peninsula Township in June 2024, up by 25.0% month-over-month. Of the 10 sold homes, 50% were sold under asking, 40% were sold at asking, and 10% were sold over asking.
Days on Market for Peninsula Township, MI
How long does it take to sell a home in Peninsula Township, MI?
Average Sale Time
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 51 Days | 59 Days | +15.5% |
Summary: Homes in Peninsula Township had an average of 59 days on market in Jun 2024, up by 15.5% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Peninsula Township has remained consistent over time.
Summary: During June 2024, 10 homes were sold in Peninsula Township; 20% of homes were sold within 30 days, 60% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
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