Is Elwell, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elwell is a seller's market

Buyer's
Market

Difference Since Last Month

Since last month, Elwell has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Elwell, MI

How much do homes in Elwell, MI cost?

Median Sold Price

$141,200

$87/sqft

Based on all homes sold in April 2024.

Difference Since Last Month

-$3,700(-2.6%)

Key Takeaway

Homes in Elwell have sold for 2.6% less than they did a month ago.

Summary: The median home sold price in Elwell was $141,200 in April 2024, down 2.6% from last month, and the median price per square foot was $87.

Median Sold Price By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 --
N/A
2 $144.9K-
N/A
3 -$249.9K
N/A
4 -$32.5K
N/A
5+ --
N/A

Summary: Elwell housing prices by bedroom type for April 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Elwell
-2.6%
Seville Township
-38.0%
Riverdale
-64.6%

Housing Supply in Elwell, MI

How many homes are available in Elwell, MI?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
57+40.0%

Summary: The Elwell real estate market had 7 homes for sale in April 2024, a 40.0% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 10
-100.0%
3 25
+150.0%
4 22
0.0%
5+ 00
0.0%

Summary: The Elwell housing inventory by bedroom type for April 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 150%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
12+100.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elwell, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 2 homes were sold or pending in Elwell in April 2024, up by 100.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.

Days on Market for Elwell, MI

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

Average Sale Time

Mar 2024Apr 2024CHANGE
61 Days38 Days-36.9%

Summary: Homes in Elwell had an average of 38 days on market in Apr 2024, down by 36.9% compared to last month.

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 Elwell has remained consistent over time.

Summary: During April 2024, 2 homes were sold in Elwell; 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 16 Days Ago

Newest Listings in Elwell, MI

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