Is Springfield 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, Springfield Township has remained a Seller's Market.
Housing Prices in Springfield Township, MI
How much do homes in Springfield Township, MI cost?
Median Sold Price
$165,000
$151/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Springfield Township was $165,000 in May 2024, up 13.8% from last year, and the median price per square foot was $151.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $104K | $81K | -22.1% |
2 Bedrooms | $105K | $126.7K | +20.7% |
3 Bedrooms | $153K | $185K | +20.9% |
4 Bedrooms | $145K | $260.5K | +79.7% |
5+ Bedrooms | - | $325K | N/A |
Summary: Springfield Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 22.1%, 2 bedroom homes increased by 20.7%, 3 bedroom homes increased by 20.9%, 4 bedroom homes increased by 79.7%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
Springfield Township | $145K | $165K | +13.8% |
Fife Lake | $239.2K | $249.5K | +4.3% |
Housing Supply in Springfield Township, MI
How many homes are available in Springfield Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
20 | 14 | -30.0% |
Summary: The Springfield Township real estate market had 14 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 | 4 | 3 | -25.0% |
2 Bedrooms | 7 | 4 | -42.9% |
3 Bedrooms | 7 | 5 | -28.6% |
4 Bedrooms | 2 | 2 | 0.0% |
5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Springfield Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes decreased by 42.9%, 3 bedroom homes decreased by 28.6%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
8 | 6 | -25.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 6 homes were sold or pending in Springfield Township in May 2024, down by 25.0% month-over-month. Of the 4 sold homes, 0% were sold under asking, 25% were sold at asking, and 75% were sold over asking.
Days on Market for Springfield Township, MI
How long does it take to sell a home in Springfield Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
3 Days | 24 Days | +563.6% |
Summary: Homes in Springfield Township had an average of 24 days on market in May 2024, up by 563.6% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 6 homes were sold in Springfield Township; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.