$4,928 Closing Credit*
$415,000
1,394 SqFt
2 Beds
•2 Full Baths, 1 Partial
David R Mapes, Listing Office: JH Realty Partners
Is Algoma Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Algoma Township has remained a Seller's Market.
Key Takeaway
Algoma Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Algoma Township, MI
How much do homes in Algoma Township, MI cost?
Median Sold Price
$425,000
$256/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$10,000(+2.4%)
Key Takeaway
Homes in Algoma Township have sold for 2.4% more than they did a year ago.
Summary: The median home sold price in Algoma Township was $425,000 in October 2024, up 2.4% from last year, and the median price per square foot was $256.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $269K | $310.5K | +15.4% |
| 3 Bedrooms | $346.2K | $357.1K | +3.1% |
| 4 Bedrooms | $435.7K | $467K | +7.2% |
| 5+ Bedrooms | $575K | $568K | -1.2% |
Summary: Algoma Township housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 15.4%, 3 bedroom homes increased by 3.1%, 4 bedroom homes increased by 7.2%, and 5+ bedroom homes decreased by 1.2%.
Median Sold Price Compared To Nearby Cities
| Courtland Township | $448.3K | $520K | +16.0% |
| Cedar Springs | $280K | $312K | +11.4% |
| Solon Township | $290K | $315K | +8.6% |
| Algoma Township | $415K | $425K | +2.4% |
| Rockford | $425K | $430K | +1.2% |
Housing Supply in Algoma Township, MI
How many homes are available in Algoma Township, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 25 | 31 | +24.0% |
Summary: The Algoma Township real estate market had 31 homes for sale in October 2024, a 24.0% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 4 | +33.3% |
| 3 Bedrooms | 11 | 11 | 0.0% |
| 4 Bedrooms | 5 | 11 | +120.0% |
| 5+ Bedrooms | 6 | 5 | -16.7% |
Summary: The Algoma Township housing inventory by bedroom type for October 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 remained the same, 4 bedroom homes increased by 120%, and 5+ bedroom homes decreased by 16.7%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 6 | 9 | +50.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Algoma Township, you may be able to get a good deal. 55.6% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Algoma Township in October 2024, up by 50.0% month-over-month. Of the 9 sold homes, 56% were sold under asking, 22% were sold at asking, and 22% were sold over asking.
Days on Market for Algoma Township, MI
How long does it take to sell a home in Algoma Township, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 20 Days | 16 Days | -19.2% |
Summary: Homes in Algoma Township had an average of 16 days on market in Oct 2024, down by 19.2% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Algoma Township are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 9 homes were sold in Algoma Township; 89% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
