$75,000
10.25 Acres
Land
Donald Fedrigon, Listing Office: REMAX Of Elk Rapids
Is Banks Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Banks Township was a Neutral Market.
Key Takeaway
Banks Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Banks Township, MI
How much do homes in Banks Township, MI cost?
Median Sold Price
$289,000
$243/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$61,000(-17.4%)
Key Takeaway
Homes in Banks Township have sold for 17.4% less than they did a year ago.
Summary: The median home sold price in Banks Township was $289,000 in November 2024, down 17.4% from last year, and the median price per square foot was $243.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $295K | $260K | -11.9% |
| 3 Bedrooms | $350K | $459K | +31.1% |
| 4 Bedrooms | $380K | $278.5K | -26.7% |
| 5+ Bedrooms | $1.2M | - | N/A |
Summary: Banks Township housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 11.9%, 3 bedroom homes increased by 31.1%, 4 bedroom homes decreased by 26.7%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Ellsworth | $301K | $372.4K | +23.7% |
| Banks Township | $350K | $289K | -17.4% |
Housing Supply in Banks Township, MI
How many homes are available in Banks Township, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 7 | 9 | +28.6% |
Summary: The Banks Township real estate market had 9 homes for sale in November 2024, a 28.6% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 7 | 7 | 0.0% |
| 4 Bedrooms | 0 | 2 | +100.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Banks Township housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 0 | 1 | +100.0% |
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 Banks 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 Banks Township in November 2024, up by 100.0% 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 Banks Township, MI
How long does it take to sell a home in Banks Township, MI?
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Banks Township are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 1 homes were sold in Banks Township; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
