Is Lima Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Lima Township has remained a Seller's Market.
Key Takeaway
Lima Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lima Township, MI
How much do homes in Lima Township, MI cost?
Median Sold Price
$600,000
$344/sqft
Based on all homes sold in April 2024.
Difference Since Last Month
Key Takeaway
Homes in Lima Township have sold for 16.2% more than they did a month ago.
Summary: The median home sold price in Lima Township was $600,000 in April 2024, up 16.2% from last month, and the median price per square foot was $344.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | - | N/A |
| 3 Bedrooms | $407K | $785K | +92.9% |
| 4 Bedrooms | $600K | $439.9K | -26.7% |
| 5+ Bedrooms | $760K | $600K | -21.1% |
Summary: Lima Township 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 increased by 92.9%, 4 bedroom homes decreased by 26.7%, and 5+ bedroom homes decreased by 21.1%.
Housing Supply in Lima Township, MI
How many homes are available in Lima Township, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 14 | 15 | +7.1% |
Summary: The Lima Township real estate market had 15 homes for sale in April 2024, a 7.1% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 5 | 4 | -20.0% |
| 4 Bedrooms | 6 | 9 | +50.0% |
| 5+ Bedrooms | 3 | 2 | -33.3% |
Summary: The Lima Township 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 remained the same, 3 bedroom homes decreased by 20%, 4 bedroom homes increased by 50%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 6 | 3 | -50.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lima Township, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 3 homes were sold or pending in Lima Township in April 2024, down by 50.0% month-over-month. Of the 3 sold homes, 0% were sold under asking, 33% were sold at asking, and 67% were sold over asking.
Days on Market for Lima Township, MI
How long does it take to sell a home in Lima Township, MI?
Average Sale Time
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 17 Days | 20 Days | +19.6% |
Summary: Homes in Lima Township had an average of 20 days on market in Apr 2024, up by 19.6% compared to last month.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lima Township are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 3 homes were sold in Lima Township; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
