Is Chelsea, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Chelsea is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Chelsea has remained a Seller's Market.

Key Takeaway

Chelsea is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Chelsea, MI

How much do homes in Chelsea, MI cost?

Median Sold Price

$424,122

$200/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$42,622(+11.2%)

Key Takeaway

Homes in Chelsea have sold for 11.2% more than they did a year ago.

Summary: The median home sold price in Chelsea was $424,122 in November 2024, up 11.2% from last year, and the median price per square foot was $200.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 --
N/A
2 $260K$275K
+5.8%
3 $377.5K$416.5K
+10.4%
4 $430K$494.9K
+15.1%
5+ $637.7K$523K
-18.0%

Summary: Chelsea 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 increased by 5.8%, 3 bedroom homes increased by 10.4%, 4 bedroom homes increased by 15.1%, and 5+ bedroom homes decreased by 18%.

Median Sold Price Compared To Nearby Cities

Sylvan Township
+12.5%
Chelsea
+11.2%
Lima Township
+3.4%

Housing Supply in Chelsea, MI

How many homes are available in Chelsea, MI?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
5348-9.4%

Summary: The Chelsea real estate market had 48 homes for sale in November 2024, a 9.4% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 65
-16.7%
3 2723
-14.8%
4 1616
0.0%
5+ 44
0.0%

Summary: The Chelsea 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 decreased by 16.7%, 3 bedroom homes decreased by 14.8%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
1224+100.0%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Chelsea, you may be able to get a good deal. 70.8% of homes here sold below asking price last month.

Summary: A total of 24 homes were sold or pending in Chelsea in November 2024, up by 100.0% month-over-month. Of the 24 sold homes, 71% were sold under asking, 21% were sold at asking, and 8% were sold over asking.

Days on Market for Chelsea, MI

How long does it take to sell a home in Chelsea, MI?

Average Sale Time

Nov 2023Nov 2024CHANGE
45 Days61 Days+36.8%

Summary: Homes in Chelsea had an average of 61 days on market in Nov 2024, up by 36.8% compared to last year.

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

8 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Chelsea are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 24 homes were sold in Chelsea; 38% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 17 Days Ago

Newest Listings in Chelsea, MI

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