Is Salem Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2022
Since last year, Salem Township has remained a Seller's Market.
Key Takeaway
Salem Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
How much do homes in Salem Township, MI cost?
Median Sold Price
$632,250
$228/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2022
+$97,250(+18.2%)
Key Takeaway
Homes in Salem Township have sold for 18.2% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS | May 2022 | May 2023 | % |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $251K | $390K | +55.4% |
| 3 Bedrooms | $394K | $414K | +5.1% |
| 4 Bedrooms | $575K | $750K | +30.4% |
| 5+ Bedrooms | $975K | $614.5K | -37.0% |
Median Sold Price Compared To Nearby Cities
| South Lyon | $278.4K | $348.5K | +25.2% |
| Salem Township | $535K | $632.2K | +18.2% |
| Lyon Charter Township | $463.4K | $530K | +14.4% |
| Northville Township | $470.6K | $519K | +10.3% |
| Plymouth Charter Township | $407.8K | $402.7K | -1.3% |
How many homes are available in Salem Township, MI?
Number of Homes For Sale
| Apr 2023 | May 2023 | % |
|---|---|---|
| 21 | 22 | +4.8% |
Homes For Sale By Bedroom Count
| # BEDS | Apr 2023 | May 2023 | % |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 8 | 7 | -12.5% |
| 4 Bedrooms | 7 | 9 | +28.6% |
| 5+ Bedrooms | 5 | 5 | 0.0% |
Number of Homes Sold
| Apr 2023 | May 2023 | % |
|---|---|---|
| 3 | 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 Salem Township, you could pay more than the asking price. 50% of homes here sold above asking price last month.
