Is Surrey 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, Surrey Township has remained a Seller's Market.
Key Takeaway
Surrey Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Surrey Township, MI
How much do homes in Surrey Township, MI cost?
Median Sold Price
$125,000
$114/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Surrey Township have sold for 13.6% more than they did a year ago.
Summary: The median home sold price in Surrey Township was $125,000 in May 2024, up 13.6% from last year, and the median price per square foot was $114.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $56.5K | $49.5K | -12.4% |
| 2 Bedrooms | $52K | $96.5K | +85.6% |
| 3 Bedrooms | $128.5K | $144.5K | +12.5% |
| 4 Bedrooms | $164.5K | $230K | +39.8% |
| 5+ Bedrooms | - | - | N/A |
Summary: Surrey Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 12.4%, 2 bedroom homes increased by 85.6%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 39.8%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Lake | $125K | $147K | +17.6% |
| Surrey Township | $110K | $125K | +13.6% |
| Lincoln Township | $149.5K | $153K | +2.3% |
| Farwell | $190K | $149.9K | -21.1% |
Housing Supply in Surrey Township, MI
How many homes are available in Surrey Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 20 | 22 | +10.0% |
Summary: The Surrey Township real estate market had 22 homes for sale in May 2024, a 10.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 6 | 12 | +100.0% |
| 3 Bedrooms | 9 | 7 | -22.2% |
| 4 Bedrooms | 2 | 1 | -50.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Surrey Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 100%, 3 bedroom homes decreased by 22.2%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4 | 7 | +75.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Surrey Township, you may be able to get a good deal. 71.4% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in Surrey Township in May 2024, up by 75.0% month-over-month. Of the 7 sold homes, 71% were sold under asking, 14% were sold at asking, and 14% were sold over asking.
Days on Market for Surrey Township, MI
How long does it take to sell a home in Surrey Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 34 Days | 57 Days | +69.7% |
Summary: Homes in Surrey Township had an average of 57 days on market in May 2024, up by 69.7% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Surrey Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 7 homes were sold in Surrey Township; 57% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
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