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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Spencer Township is a neutral's market

Buyer's
Market

Difference Since May 2023

Since last year, Spencer Township has remained a Neutral Market.

Key Takeaway

Spencer Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Spencer Township, MI

How much do homes in Spencer Township, MI cost?

Median Sold Price

$293,000

$220/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$3,100(+1.1%)

Key Takeaway

Homes in Spencer Township have sold for 1.1% more than they did a year ago.

Summary: The median home sold price in Spencer Township was $293,000 in May 2024, up 1.1% from last year, and the median price per square foot was $220.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $120K$150K
+25.0%
2 $200K$171K
-14.5%
3 $289.9K$285K
-1.7%
4 $294K$385K
+31.0%
5+ $378K$620K
+64.0%

Summary: Spencer Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25%, 2 bedroom homes decreased by 14.5%, 3 bedroom homes decreased by 1.7%, 4 bedroom homes increased by 31%, and 5+ bedroom homes increased by 64%.

Median Sold Price Compared To Nearby Cities

Trufant
+20.8%
Montcalm Township
+13.9%
Oakfield Township
+10.2%
Spencer Township
+1.1%
Gowen
-13.8%

Housing Supply in Spencer Township, MI

How many homes are available in Spencer Township, MI?

Number of Homes For Sale

Apr 2024May 2024CHANGE
912+33.3%

Summary: The Spencer Township real estate market had 12 homes for sale in May 2024, a 33.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 23
+50.0%
3 66
0.0%
4 13
+200.0%
5+ 00
0.0%

Summary: The Spencer Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes remained the same, 4 bedroom homes increased by 200%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
220.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Spencer Township, expect to pay close to the asking price. 100% of homes here sold near the asking price last month.

Summary: A total of 2 homes were sold or pending in Spencer Township in May 2024, the same as the previous month. Of the 2 sold homes, 0% were sold under asking, 100% were sold at asking, and 0% were sold over asking.

Days on Market for Spencer Township, MI

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

Average Sale Time

May 2023May 2024CHANGE
27 Days70 Days+157.9%

Summary: Homes in Spencer Township had an average of 70 days on market in May 2024, up by 157.9% compared to last year.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 2 homes were sold in Spencer Township; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% 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 13 Days Ago

Newest Listings in Spencer Township, MI

Nearby Markets to Spencer Township, MI

What housing markets are near Spencer Township, MI?