Is Parma Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Parma Township has remained a Seller's Market.
Key Takeaway
Parma Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Parma Township, MI
How much do homes in Parma Township, MI cost?
Median Sold Price
$215,000
$153/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Parma Township have sold for 10.4% less than they did a year ago.
Summary: The median home sold price in Parma Township was $215,000 in May 2024, down 10.4% from last year, and the median price per square foot was $153.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $88 | N/A |
| 2 Bedrooms | $162.5K | $173.9K | +7.0% |
| 3 Bedrooms | $210K | $210K | 0.0% |
| 4 Bedrooms | $251.5K | $320K | +27.2% |
| 5+ Bedrooms | $300K | $254.5K | -15.2% |
Summary: Parma Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 7%, 3 bedroom homes did not change, 4 bedroom homes increased by 27.2%, and 5+ bedroom homes decreased by 15.2%.
Median Sold Price Compared To Nearby Cities
| Springport Township | $158K | $177.5K | +12.3% |
| Concord Township | $224.5K | $222.9K | -0.7% |
| Parma | $240K | $220K | -8.3% |
| Parma Township | $240K | $215K | -10.4% |
| Sandstone Township | $250K | $206.3K | -17.5% |
Housing Supply in Parma Township, MI
How many homes are available in Parma Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 18 | +5.9% |
Summary: The Parma Township real estate market had 18 homes for sale in May 2024, a 5.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 3 | 2 | -33.3% |
| 3 Bedrooms | 3 | 5 | +66.7% |
| 4 Bedrooms | 9 | 8 | -11.1% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Parma Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 33.3%, 3 bedroom homes increased by 66.7%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 5 | -16.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Parma Township, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Parma Township in May 2024, down by 16.7% month-over-month. Of the 5 sold homes, 80% were sold under asking, 0% were sold at asking, and 20% were sold over asking.
Days on Market for Parma Township, MI
How long does it take to sell a home in Parma Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 50 Days | 44 Days | -13.1% |
Summary: Homes in Parma Township had an average of 44 days on market in May 2024, down by 13.1% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Parma Township has remained consistent over time.
Summary: During May 2024, 5 homes were sold in Parma Township; 40% of homes were sold within 30 days, 60% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.