$7,107 Closing Credit*
$598,500
1,468 SqFt
2 Beds
•2 Full Baths
Kathy Wittbrodt, Listing Office: Wittbrodt WATERSIDE PROPERTIES
Is Elk Rapids, 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, Elk Rapids has remained a Seller's Market.
Key Takeaway
Elk Rapids is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Elk Rapids, MI
How much do homes in Elk Rapids, MI cost?
Median Sold Price
$425,000
$280/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$50,000(+13.3%)
Key Takeaway
Homes in Elk Rapids have sold for 13.3% more than they did a year ago.
Summary: The median home sold price in Elk Rapids was $425,000 in October 2024, up 13.3% from last year, and the median price per square foot was $280.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $345K | N/A |
| 2 Bedrooms | $329.2K | $397K | +20.6% |
| 3 Bedrooms | $433.7K | $480K | +10.7% |
| 4 Bedrooms | $464K | $760K | +63.8% |
| 5+ Bedrooms | $433K | $1.4M | +231.4% |
Summary: Elk Rapids 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 20.6%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 63.8%, and 5+ bedroom homes increased by 231.4%.
Median Sold Price Compared To Nearby Cities
| Elk Rapids Township | $397K | $525K | +32.2% |
| Williamsburg | $419K | $543K | +29.6% |
| Elk Rapids | $375K | $425K | +13.3% |
Housing Supply in Elk Rapids, MI
How many homes are available in Elk Rapids, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 20 | 22 | +10.0% |
Summary: The Elk Rapids real estate market had 22 homes for sale in October 2024, a 10.0% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 8 | 8 | 0.0% |
| 3 Bedrooms | 7 | 8 | +14.3% |
| 4 Bedrooms | 3 | 4 | +33.3% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Elk Rapids 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 remained the same, 3 bedroom homes increased by 14.3%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 4 | 6 | +50.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Elk Rapids, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in Elk Rapids in October 2024, up by 50.0% month-over-month. Of the 6 sold homes, 67% were sold under asking, 17% were sold at asking, and 17% were sold over asking.
Days on Market for Elk Rapids, MI
How long does it take to sell a home in Elk Rapids, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 60 Days | 44 Days | -26.4% |
Summary: Homes in Elk Rapids had an average of 44 days on market in Oct 2024, down by 26.4% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Elk Rapids has remained consistent over time.
Summary: During October 2024, 6 homes were sold in Elk Rapids; 17% of homes were sold within 30 days, 83% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.