Is Elmwood Charter Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Elmwood Charter Township was a Neutral Market.
Key Takeaway
Elmwood Charter Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Elmwood Charter Township, MI
How much do homes in Elmwood Charter Township, MI cost?
Median Sold Price
$471,000
$258/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Elmwood Charter Township have sold for 14.8% less than they did a year ago.
Summary: The median home sold price in Elmwood Charter Township was $471,000 in May 2024, down 14.8% from last year, and the median price per square foot was $258.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $160K | N/A |
| 2 Bedrooms | $425K | $299.7K | -29.5% |
| 3 Bedrooms | $465K | $450K | -3.2% |
| 4 Bedrooms | $697.5K | $641.2K | -8.1% |
| 5+ Bedrooms | $2.9M | $1.8M | -35.0% |
Summary: Elmwood Charter 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 29.5%, 3 bedroom homes decreased by 3.2%, 4 bedroom homes decreased by 8.1%, and 5+ bedroom homes decreased by 35%.
Median Sold Price Compared To Nearby Cities
| Cedar | $412.5K | $495.5K | +20.1% |
| Traverse City | $428.8K | $425K | -0.9% |
| Elmwood Charter Township | $552.5K | $471K | -14.8% |
Housing Supply in Elmwood Charter Township, MI
How many homes are available in Elmwood Charter Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 14 | 17 | +21.4% |
Summary: The Elmwood Charter Township real estate market had 17 homes for sale in May 2024, a 21.4% 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 | 4 | +33.3% |
| 3 Bedrooms | 9 | 8 | -11.1% |
| 4 Bedrooms | 2 | 4 | +100.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Elmwood Charter 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 33.3%, 3 bedroom homes decreased by 11.1%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 1 | -80.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Elmwood Charter Township, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in Elmwood Charter Township in May 2024, down by 80.0% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Elmwood Charter Township, MI
How long does it take to sell a home in Elmwood Charter Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 41 Days | 52 Days | +25.3% |
Summary: Homes in Elmwood Charter Township had an average of 52 days on market in May 2024, up by 25.3% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Elmwood Charter Township has remained consistent over time.
Summary: During May 2024, 1 homes were sold in Elmwood Charter 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.
