Is Commerce Charter Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Commerce Charter Township has remained a Seller's Market.
Key Takeaway
Commerce Charter Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Commerce Charter Township, MI
How much do homes in Commerce Charter Township, MI cost?
Median Sold Price
$370,000
$212/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Commerce Charter Township have sold for 5.7% more than they did a year ago.
Summary: The median home sold price in Commerce Charter Township was $370,000 in May 2024, up 5.7% from last year, and the median price per square foot was $212.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $241.2K | $335K | +38.9% |
| 2 Bedrooms | $247.2K | $272K | +10.0% |
| 3 Bedrooms | $314.9K | $349.6K | +11.0% |
| 4 Bedrooms | $480K | $510K | +6.3% |
| 5+ Bedrooms | $620K | $690K | +11.3% |
Summary: Commerce Charter Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 38.9%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 11%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 11.3%.
Median Sold Price Compared To Nearby Cities
| Commerce Township | $410K | $461.5K | +12.6% |
| Wixom | $330.5K | $367K | +11.0% |
| Walled Lake | $252K | $270K | +7.1% |
| Commerce Charter Township | $350K | $370K | +5.7% |
| Wolverine Lake | $280K | $295K | +5.4% |
Housing Supply in Commerce Charter Township, MI
How many homes are available in Commerce Charter Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 150 | 172 | +14.7% |
Summary: The Commerce Charter Township real estate market had 172 homes for sale in May 2024, a 14.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 28 | 24 | -14.3% |
| 3 Bedrooms | 66 | 79 | +19.7% |
| 4 Bedrooms | 45 | 61 | +35.6% |
| 5+ Bedrooms | 11 | 8 | -27.3% |
Summary: The Commerce Charter 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 decreased by 14.3%, 3 bedroom homes increased by 19.7%, 4 bedroom homes increased by 35.6%, and 5+ bedroom homes decreased by 27.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 43 | 52 | +20.9% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Commerce Charter Township, you could pay more than the asking price. 51.9% of homes here sold above asking price last month.
Summary: A total of 52 homes were sold or pending in Commerce Charter Township in May 2024, up by 20.9% month-over-month. Of the 52 sold homes, 31% were sold under asking, 17% were sold at asking, and 52% were sold over asking.
Days on Market for Commerce Charter Township, MI
How long does it take to sell a home in Commerce Charter Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 24 Days | 14 Days | -41.4% |
Summary: Homes in Commerce Charter Township had an average of 14 days on market in May 2024, down by 41.4% compared to last year.
Breakdown of Home Sale Times
45 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Commerce Charter Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 52 homes were sold in Commerce Charter Township; 87% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
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© 2024 Water Wonderland MLS, Inc © All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Water Wonderland MLS (WWLX). Real estate listings held by brokerage firms other than this broker are marked with the WWLX logo and the detailed information about said listing includes the listing office.The listings displayed come from various Water Wonderland Board of REALTORS® member offices who have chosen to participate in WWBR. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the site hosting broker(s), nor the listing broker or Water Wonderland Board of REALTORS® shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.