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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Somerset Township is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Somerset Township has remained a Seller's Market.

Key Takeaway

Somerset Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Somerset Township, MI

How much do homes in Somerset Township, MI cost?

Median Sold Price

$325,000

$201/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$85,100(+35.5%)

Key Takeaway

Homes in Somerset Township have sold for 35.5% more than they did a year ago.

Summary: The median home sold price in Somerset Township was $325,000 in February 2024, up 35.5% from last year, and the median price per square foot was $201.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 --
N/A
2 $195K$201.5K
+3.3%
3 $239.9K$288K
+20.1%
4 $302.5K$395K
+30.6%
5+ $429K$274K
-36.1%

Summary: Somerset Township housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3.3%, 3 bedroom homes increased by 20.1%, 4 bedroom homes increased by 30.6%, and 5+ bedroom homes decreased by 36.1%.

Median Sold Price Compared To Nearby Cities

Somerset Township
+35.5%
Cement City
+29.6%
Liberty Township
+19.0%
Jerome
+6.3%

Housing Supply in Somerset Township, MI

How many homes are available in Somerset Township, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
13130.0%

Summary: The Somerset Township real estate market had 13 homes for sale in February 2024, the same as January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 10
-100.0%
3 89
+12.5%
4 33
0.0%
5+ 11
0.0%

Summary: The Somerset Township housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 100%, 3 bedroom homes increased by 12.5%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
54-20.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Somerset Township, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in Somerset Township in February 2024, down by 20.0% month-over-month. Of the 4 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.

Days on Market for Somerset Township, MI

How long does it take to sell a home in Somerset Township, MI?

Average Sale Time

Feb 2023Feb 2024CHANGE
280 Days126 Days-55.0%

Summary: Homes in Somerset Township had an average of 126 days on market in Feb 2024, down by 55% 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

Breakdown of Home Sale Times

Key Takeaway

Most homes in Somerset Township are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During February 2024, 4 homes were sold in Somerset 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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

Newest Listings in Somerset Township, MI

Nearby Markets to Somerset Township, MI

What housing markets are near Somerset Township, MI?