Is Salem Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Salem Township was a Seller's Market.
Key Takeaway
Salem Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Salem Township, MI
How much do homes in Salem Township, MI cost?
Median Sold Price
$514,500
$227/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Salem Township have sold for 16.6% less than they did a year ago.
Summary: The median home sold price in Salem Township was $514,500 in March 2024, down 16.6% from last year, and the median price per square foot was $227.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $554.4K | $690.8K | +24.6% |
| 3 Bedrooms | $414K | $425K | +2.7% |
| 4 Bedrooms | $727.1K | $637.5K | -12.3% |
| 5+ Bedrooms | $614.5K | $657.5K | +7.0% |
Summary: Salem 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 24.6%, 3 bedroom homes increased by 2.7%, 4 bedroom homes decreased by 12.3%, and 5+ bedroom homes increased by 7%.
Median Sold Price Compared To Nearby Cities
| South Lyon | $387.5K | $439.4K | +13.4% |
| Plymouth Charter Township | $400K | $439.9K | +10.0% |
| Lyon Charter Township | $519.1K | $545K | +5.0% |
| Northville Township | $503.1K | $495.2K | -1.6% |
| Salem Township | $616.7K | $514.5K | -16.6% |
Housing Supply in Salem Township, MI
How many homes are available in Salem Township, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 22 | 20 | -9.1% |
Summary: The Salem Township real estate market had 20 homes for sale in March 2024, a 9.1% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 10 | 6 | -40.0% |
| 4 Bedrooms | 5 | 6 | +20.0% |
| 5+ Bedrooms | 6 | 7 | +16.7% |
Summary: The Salem 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 remained the same, 3 bedroom homes decreased by 40%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 16.7%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6 | 1 | -83.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem Township, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in Salem Township in March 2024, down by 83.3% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Salem Township, MI
How long does it take to sell a home in Salem Township, MI?
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Most homes in Salem Township are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 1 homes were sold in Salem Township; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% of homes were sold over 90 days.
