Is Forest Home Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Forest Home Township was a Neutral Market.
Key Takeaway
Forest Home Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Forest Home Township, MI
How much do homes in Forest Home Township, MI cost?
Median Sold Price
$337,500
$230/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Forest Home Township have sold for 17.2% less than they did a year ago.
Summary: The median home sold price in Forest Home Township was $337,500 in May 2024, down 17.2% from last year, and the median price per square foot was $230.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $420K | $272K | -35.2% |
| 2 Bedrooms | $240K | $280K | +16.7% |
| 3 Bedrooms | $350K | $320K | -8.6% |
| 4 Bedrooms | $635K | $366K | -42.4% |
| 5+ Bedrooms | $1.4M | $1.9M | +38.4% |
Summary: Forest Home Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 35.2%, 2 bedroom homes increased by 16.7%, 3 bedroom homes decreased by 8.6%, 4 bedroom homes decreased by 42.4%, and 5+ bedroom homes increased by 38.4%.
Median Sold Price Compared To Nearby Cities
| Kearney Township | $230K | $305K | +32.6% |
| Bellaire | $268.5K | $315K | +17.3% |
| Kewadin | $500K | $422K | -15.6% |
| Forest Home Township | $407.5K | $337.5K | -17.2% |
Housing Supply in Forest Home Township, MI
How many homes are available in Forest Home Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 15 | +36.4% |
Summary: The Forest Home Township real estate market had 15 homes for sale in May 2024, a 36.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 1 | 2 | +100.0% |
| 3 Bedrooms | 3 | 6 | +100.0% |
| 4 Bedrooms | 5 | 6 | +20.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Forest Home Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 100%, 4 bedroom homes increased by 20%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 3 | +50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Forest Home 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 Forest Home Township in May 2024, up by 50.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market for Forest Home Township, MI
How long does it take to sell a home in Forest Home Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 3 Days | 49 Days | +1533.3% |
Summary: Homes in Forest Home Township had an average of 49 days on market in May 2024, up by 1533.3% compared to last year.
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
Key Takeaway
Avg time on Rocket Homes in Forest Home Township has remained consistent over time.
Summary: During May 2024, 3 homes were sold in Forest Home Township; 0% of homes were sold within 30 days, 67% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
