Is Homestead 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, Homestead Township has remained a Seller's Market.
Key Takeaway
Homestead Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Homestead Township, MI
How much do homes in Homestead Township, MI cost?
Median Sold Price
$265,000
$194/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Homestead Township have sold for 5.3% more than they did a year ago.
Summary: The median home sold price in Homestead Township was $265,000 in May 2024, up 5.3% from last year, and the median price per square foot was $194.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $150K | - | N/A |
| 2 Bedrooms | $255K | $195K | -23.5% |
| 3 Bedrooms | $233.5K | $272K | +16.5% |
| 4 Bedrooms | $340.9K | $305K | -10.5% |
| 5+ Bedrooms | - | - | N/A |
Summary: Homestead 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 23.5%, 3 bedroom homes increased by 16.5%, 4 bedroom homes decreased by 10.5%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Homestead Township | $251.7K | $265K | +5.3% |
| Honor | $325.9K | $270K | -17.2% |
Housing Supply in Homestead Township, MI
How many homes are available in Homestead Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 7 | -30.0% |
Summary: The Homestead Township real estate market had 7 homes for sale in May 2024, a 30.0% decrease 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 | 2 | -33.3% |
| 3 Bedrooms | 7 | 4 | -42.9% |
| 4 Bedrooms | 0 | 1 | +100.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Homestead 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 33.3%, 3 bedroom homes decreased by 42.9%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 2 | -60.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Homestead Township, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Homestead Township in May 2024, down by 60.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for Homestead Township, MI
How long does it take to sell a home in Homestead Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 146 Days | 32 Days | -78.2% |
Summary: Homes in Homestead Township had an average of 32 days on market in May 2024, down by 78.2% 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 Homestead Township has remained consistent over time.
Summary: During May 2024, 2 homes were sold in Homestead Township; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
