Is Forest 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, Forest Township has remained a Seller's Market.
Key Takeaway
Forest Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Forest Township, MI
How much do homes in Forest Township, MI cost?
Median Sold Price
$175,325
$152/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Forest Township have sold for 4.2% less than they did a year ago.
Summary: The median home sold price in Forest Township was $175,325 in May 2024, down 4.2% from last year, and the median price per square foot was $152.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $325K | N/A |
| 2 Bedrooms | $175K | $130K | -25.7% |
| 3 Bedrooms | $175K | $172K | -1.7% |
| 4 Bedrooms | $197.5K | $292K | +47.8% |
| 5+ Bedrooms | $423K | $295K | -30.3% |
Summary: Forest 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 decreased by 25.7%, 3 bedroom homes decreased by 1.7%, 4 bedroom homes increased by 47.8%, and 5+ bedroom homes decreased by 30.3%.
Median Sold Price Compared To Nearby Cities
| Otter Lake | $205K | $232.7K | +13.5% |
| Marathon Township | $229K | $248.2K | +8.4% |
| Millington Township | $184.9K | $183.4K | -0.8% |
| Otisville | $183.7K | $178.1K | -3.0% |
| Forest Township | $183K | $175.3K | -4.2% |
Housing Supply in Forest Township, MI
How many homes are available in Forest Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 16 | +60.0% |
Summary: The Forest Township real estate market had 16 homes for sale in May 2024, a 60.0% 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 | 2 | 3 | +50.0% |
| 3 Bedrooms | 5 | 8 | +60.0% |
| 4 Bedrooms | 3 | 4 | +33.3% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Forest 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 increased by 50%, 3 bedroom homes increased by 60%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 6 | +100.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Forest Township, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 6 homes were sold or pending in Forest Township in May 2024, up by 100.0% month-over-month. Of the 6 sold homes, 33% were sold under asking, 17% were sold at asking, and 50% were sold over asking.
Days on Market for Forest Township, MI
How long does it take to sell a home in Forest Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 56 Days | 33 Days | -39.6% |
Summary: Homes in Forest Township had an average of 33 days on market in May 2024, down by 39.6% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Forest Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 6 homes were sold in Forest Township; 83% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.