$10,000 Closing Credit*
$850,000
2,623 SqFt
4 Beds
•3 Full Baths
Camille Campbell, Listing Office: Coldwell Banker Schmidt Traverse City
Is Elk Rapids, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$268/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$45,000(+11.8%)
Key Takeaway
Homes in Elk Rapids have sold for 11.8% more than they did a year ago.
Summary: The median home sold price in Elk Rapids was $425,000 in November 2024, up 11.8% from last year, and the median price per square foot was $268.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $400K | $290K | -27.5% |
| 2 Bedrooms | $325K | $397K | +22.2% |
| 3 Bedrooms | $410K | $459K | +12.0% |
| 4 Bedrooms | $464K | $670K | +44.4% |
| 5+ Bedrooms | - | $1.4M | N/A |
Summary: Elk Rapids housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 27.5%, 2 bedroom homes increased by 22.2%, 3 bedroom homes increased by 12%, 4 bedroom homes increased by 44.4%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Williamsburg | $410.4K | $577.5K | +40.7% |
| Elk Rapids Township | $400K | $525K | +31.3% |
| Elk Rapids | $380K | $425K | +11.8% |
Housing Supply in Elk Rapids, MI
How many homes are available in Elk Rapids, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 21 | 16 | -23.8% |
Summary: The Elk Rapids real estate market had 16 homes for sale in November 2024, a 23.8% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 8 | 5 | -37.5% |
| 3 Bedrooms | 7 | 6 | -14.3% |
| 4 Bedrooms | 4 | 3 | -25.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Elk Rapids 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 37.5%, 3 bedroom homes decreased by 14.3%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 6 | 4 | -33.3% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Elk Rapids, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Elk Rapids in November 2024, down by 33.3% month-over-month. Of the 4 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 48 Days | 86 Days | +76.0% |
Summary: Homes in Elk Rapids had an average of 86 days on market in Nov 2024, up by 76% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Elk Rapids has remained consistent over time.
Summary: During November 2024, 4 homes were sold in Elk Rapids; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
