Is Canton, 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, Canton has remained a Seller's Market.
Key Takeaway
Canton is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Canton, MI
How much do homes in Canton, MI cost?
Median Sold Price
$374,990
$202/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Canton have sold for 7.1% more than they did a year ago.
Summary: The median home sold price in Canton was $374,990 in May 2024, up 7.1% from last year, and the median price per square foot was $202.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $199.9K | $160K | -20.0% |
| 2 Bedrooms | $239.8K | $252.2K | +5.2% |
| 3 Bedrooms | $325K | $355.3K | +9.3% |
| 4 Bedrooms | $445K | $500K | +12.4% |
| 5+ Bedrooms | $630K | $687.5K | +9.1% |
Summary: Canton housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 20%, 2 bedroom homes increased by 5.2%, 3 bedroom homes increased by 9.3%, 4 bedroom homes increased by 12.4%, and 5+ bedroom homes increased by 9.1%.
Median Sold Price Compared To Nearby Cities
| Wayne | $149.9K | $165K | +10.1% |
| Westland | $190.5K | $204.5K | +7.3% |
| Canton | $350K | $374.9K | +7.1% |
| Canton Charter Township | $350K | $374.9K | +7.1% |
| Plymouth Charter Township | $422.7K | $430K | +1.7% |
Housing Supply in Canton, MI
How many homes are available in Canton, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 235 | 247 | +5.1% |
Summary: The Canton real estate market had 247 homes for sale in May 2024, a 5.1% 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 | 58 | 50 | -13.8% |
| 3 Bedrooms | 98 | 95 | -3.1% |
| 4 Bedrooms | 70 | 90 | +28.6% |
| 5+ Bedrooms | 9 | 12 | +33.3% |
Summary: The Canton 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 13.8%, 3 bedroom homes decreased by 3.1%, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 88 | 81 | -8.0% |
Asking Price vs. Sold Price
21 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
53 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Canton, you could pay more than the asking price. 65.4% of homes here sold above asking price last month.
Summary: A total of 81 homes were sold or pending in Canton in May 2024, down by 8.0% month-over-month. Of the 81 sold homes, 26% were sold under asking, 9% were sold at asking, and 65% were sold over asking.
Days on Market for Canton, MI
How long does it take to sell a home in Canton, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 15 Days | 18 Days | +23.1% |
Summary: Homes in Canton had an average of 18 days on market in May 2024, up by 23.1% compared to last year.
Breakdown of Home Sale Times
68 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Canton are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 81 homes were sold in Canton; 84% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
