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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Peninsula Township is a seller's market

Buyer's
Market

Difference Since April 2023

At the same time last year, Peninsula Township was a Neutral 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

$975,000

$325/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$100,000(+11.4%)

Key Takeaway

Homes in Peninsula Township have sold for 11.4% more than they did a year ago.

Summary: The median home sold price in Peninsula Township was $975,000 in April 2024, up 11.4% from last year, and the median price per square foot was $325.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 -$291K
N/A
2 $791.7K$602.5K
-23.9%
3 $1.1M$792K
-28.0%
4 $795K$1.2M
+55.3%
5+ $811.2K$2.0M
+154.9%

Summary: Peninsula Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 23.9%, 3 bedroom homes decreased by 28%, 4 bedroom homes increased by 55.3%, and 5+ bedroom homes increased by 154.9%.

Median Sold Price Compared To Nearby Cities

Peninsula Township
+11.4%
Traverse City
+10.1%

Housing Supply in Peninsula Township, MI

How many homes are available in Peninsula Township, MI?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
2738+40.7%

Summary: The Peninsula Township real estate market had 38 homes for sale in April 2024, a 40.7% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 11
0.0%
2 56
+20.0%
3 913
+44.4%
4 915
+66.7%
5+ 33
0.0%

Summary: The Peninsula Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 44.4%, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
48+100.0%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Peninsula Township, you may be able to get a good deal. 75% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in Peninsula Township in April 2024, up by 100.0% month-over-month. Of the 8 sold homes, 75% were sold under asking, 0% were sold at asking, and 25% 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

Apr 2023Apr 2024CHANGE
114 Days90 Days-20.9%

Summary: Homes in Peninsula Township had an average of 90 days on market in Apr 2024, down by 20.9% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Peninsula Township has remained consistent over time.

Summary: During April 2024, 8 homes were sold in Peninsula Township; 13% of homes were sold within 30 days, 63% of homes were sold within 30 to 90 days, and 25% 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 22 Days Ago

Newest Listings in Peninsula Township, MI

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