$85,000
1.25 Acres
Land
Al Martin, Listing Office: Berkshire Hathaway Homeservices Michigan - TC
Is Elmwood Charter Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Elmwood Charter Township was a Seller's Market.
Key Takeaway
Elmwood Charter Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Elmwood Charter Township, MI
How much do homes in Elmwood Charter Township, MI cost?
Median Sold Price
$507,000
$279/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$16,750(+3.4%)
Key Takeaway
Homes in Elmwood Charter Township have sold for 3.4% more than they did a year ago.
Summary: The median home sold price in Elmwood Charter Township was $507,000 in October 2024, up 3.4% from last year, and the median price per square foot was $279.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $160K | N/A |
| 2 Bedrooms | $322.5K | $395.5K | +22.6% |
| 3 Bedrooms | $450K | $484.9K | +7.8% |
| 4 Bedrooms | $641.2K | $900K | +40.4% |
| 5+ Bedrooms | $3.1M | $902.5K | -70.9% |
Summary: Elmwood Charter 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 22.6%, 3 bedroom homes increased by 7.8%, 4 bedroom homes increased by 40.4%, and 5+ bedroom homes decreased by 70.9%.
Median Sold Price Compared To Nearby Cities
| Elmwood Charter Township | $490.2K | $507K | +3.4% |
| Traverse City | $434K | $446.7K | +2.9% |
Housing Supply in Elmwood Charter Township, MI
How many homes are available in Elmwood Charter Township, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 23 | 23 | 0.0% |
Summary: The Elmwood Charter Township real estate market had 23 homes for sale in October 2024, the same as September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 5 | 4 | -20.0% |
| 3 Bedrooms | 10 | 9 | -10.0% |
| 4 Bedrooms | 6 | 5 | -16.7% |
| 5+ Bedrooms | 1 | 4 | +300.0% |
Summary: The Elmwood Charter 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 decreased by 20%, 3 bedroom homes decreased by 10%, 4 bedroom homes decreased by 16.7%, and 5+ bedroom homes increased by 300%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 9 | 3 | -66.7% |
Asking Price vs. Sold Price
2 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 Elmwood Charter Township, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in Elmwood Charter Township in October 2024, down by 66.7% month-over-month. Of the 2 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Elmwood Charter Township, MI
How long does it take to sell a home in Elmwood Charter Township, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 40 Days | 59 Days | +46.9% |
Summary: Homes in Elmwood Charter Township had an average of 59 days on market in Oct 2024, up by 46.9% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Elmwood Charter Township are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 3 homes were sold in Elmwood Charter Township; 33% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
