Is Commerce 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, Commerce Township has remained a Seller's Market.
Housing Prices in Commerce Township, MI
How much do homes in Commerce Township, MI cost?
Median Sold Price
$461,500
$212/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Commerce Township was $461,500 in May 2024, up 12.6% from last year, and the median price per square foot was $212.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $400K | $335K | -16.3% |
2 Bedrooms | $230K | $222K | -3.5% |
3 Bedrooms | $320K | $399.9K | +25.0% |
4 Bedrooms | $485K | $530K | +9.3% |
5+ Bedrooms | $624.9K | $689.8K | +10.4% |
Summary: Commerce Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 16.3%, 2 bedroom homes decreased by 3.5%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 9.3%, and 5+ bedroom homes increased by 10.4%.
Median Sold Price Compared To Nearby Cities
Commerce Township | $410K | $461.5K | +12.6% |
Wixom | $330.5K | $367K | +11.0% |
White Lake | $360K | $386.4K | +7.3% |
White Lake Charter Township | $360K | $386K | +7.2% |
Commerce Charter Township | $350K | $370K | +5.7% |
Housing Supply in Commerce Township, MI
How many homes are available in Commerce Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
67 | 96 | +43.3% |
Summary: The Commerce Township real estate market had 96 homes for sale in May 2024, a 43.3% 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 | 3 | 2 | -33.3% |
3 Bedrooms | 31 | 42 | +35.5% |
4 Bedrooms | 27 | 46 | +70.4% |
5+ Bedrooms | 6 | 6 | 0.0% |
Summary: The Commerce 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 increased by 35.5%, 4 bedroom homes increased by 70.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
16 | 25 | +56.3% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Summary: A total of 25 homes were sold or pending in Commerce Township in May 2024, up by 56.3% month-over-month. Of the 25 sold homes, 32% were sold under asking, 12% were sold at asking, and 56% were sold over asking.
Days on Market for Commerce Township, MI
How long does it take to sell a home in Commerce Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
22 Days | 13 Days | -40.7% |
Summary: Homes in Commerce Township had an average of 13 days on market in May 2024, down by 40.7% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 25 homes were sold in Commerce Township; 88% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.