Is Elk Rapids 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, Elk Rapids Township has remained a Seller's Market.
Key Takeaway
Elk Rapids Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Elk Rapids Township, MI
How much do homes in Elk Rapids Township, MI cost?
Median Sold Price
$459,000
$288/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Elk Rapids Township have sold for 15.6% more than they did a year ago.
Summary: The median home sold price in Elk Rapids Township was $459,000 in May 2024, up 15.6% from last year, and the median price per square foot was $288.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $400K | N/A |
| 2 Bedrooms | $350.8K | $380K | +8.3% |
| 3 Bedrooms | $400K | $540K | +35.0% |
| 4 Bedrooms | $1.8M | $1.1M | -38.5% |
| 5+ Bedrooms | $891.5K | $3.7M | +315.3% |
Summary: Elk Rapids Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 8.3%, 3 bedroom homes increased by 35%, 4 bedroom homes decreased by 38.5%, and 5+ bedroom homes increased by 315.3%.
Median Sold Price Compared To Nearby Cities
| Elk Rapids Township | $397K | $459K | +15.6% |
| Elk Rapids | $350.8K | $400K | +14.0% |
| Kewadin | $500K | $422K | -15.6% |
| Milton Township | $699K | $457.4K | -34.6% |
Housing Supply in Elk Rapids Township, MI
How many homes are available in Elk Rapids Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 26 | 28 | +7.7% |
Summary: The Elk Rapids Township real estate market had 28 homes for sale in May 2024, a 7.7% 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 | 3 | 3 | 0.0% |
| 3 Bedrooms | 13 | 13 | 0.0% |
| 4 Bedrooms | 8 | 10 | +25.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Elk Rapids 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 remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 8 | +60.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Elk Rapids Township, you may be able to get a good deal. 62.5% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Elk Rapids Township in May 2024, up by 60.0% month-over-month. Of the 8 sold homes, 63% were sold under asking, 38% were sold at asking, and 0% were sold over asking.
Days on Market for Elk Rapids Township, MI
How long does it take to sell a home in Elk Rapids Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 43 Days | 34 Days | -22.0% |
Summary: Homes in Elk Rapids Township had an average of 34 days on market in May 2024, down by 22% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Elk Rapids Township has remained consistent over time.
Summary: During May 2024, 8 homes were sold in Elk Rapids Township; 25% of homes were sold within 30 days, 63% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.