Is Summit Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Summit Township has remained a Seller's Market.
Key Takeaway
Summit Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Summit Township, MI
How much do homes in Summit Township, MI cost?
Median Sold Price
$216,500
$150/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Summit Township have sold for 13.9% more than they did a year ago.
Summary: The median home sold price in Summit Township was $216,500 in March 2024, up 13.9% from last year, and the median price per square foot was $150.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $67.2K | $120K | +78.4% |
| 2 Bedrooms | $137.4K | $160K | +16.4% |
| 3 Bedrooms | $190K | $211.2K | +11.2% |
| 4 Bedrooms | $265K | $267K | +0.8% |
| 5+ Bedrooms | $384K | $375K | -2.3% |
Summary: Summit Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 78.4%, 2 bedroom homes increased by 16.4%, 3 bedroom homes increased by 11.2%, 4 bedroom homes increased by 0.8%, and 5+ bedroom homes decreased by 2.3%.
Median Sold Price Compared To Nearby Cities
| Jackson | $138.1K | $174.9K | +26.7% |
| Napoleon Township | $223.5K | $267.5K | +19.7% |
| Summit Township | $190K | $216.5K | +13.9% |
| Liberty Township | $292.5K | $327.5K | +12.0% |
| Blackman Charter Township | $179K | $180K | +0.6% |
Housing Supply in Summit Township, MI
How many homes are available in Summit Township, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 77 | 71 | -7.8% |
Summary: The Summit Township real estate market had 71 homes for sale in March 2024, a 7.8% 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 | 15 | 17 | +13.3% |
| 3 Bedrooms | 34 | 26 | -23.5% |
| 4 Bedrooms | 18 | 16 | -11.1% |
| 5+ Bedrooms | 10 | 12 | +20.0% |
Summary: The Summit 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 increased by 13.3%, 3 bedroom homes decreased by 23.5%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 26 | 20 | -23.1% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Summit Township, you may be able to get a good deal. 55% of homes here sold below asking price last month.
Summary: A total of 20 homes were sold or pending in Summit Township in March 2024, down by 23.1% month-over-month. Of the 20 sold homes, 55% were sold under asking, 20% were sold at asking, and 25% were sold over asking.
Days on Market for Summit Township, MI
How long does it take to sell a home in Summit Township, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 40 Days | 63 Days | +58.9% |
Summary: Homes in Summit Township had an average of 63 days on market in Mar 2024, up by 58.9% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Summit Township has remained consistent over time.
Summary: During March 2024, 20 homes were sold in Summit Township; 25% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 30% of homes were sold over 90 days.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.