$75,000
10.36 Acres
Land
Steve Koleno, Listing Office: Beycome Brokerage Realty LLC
Is Rapid River Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Rapid River Township has remained a Seller's Market.
Key Takeaway
Rapid River Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Rapid River Township, MI
How much do homes in Rapid River Township, MI cost?
Median Sold Price
$311,250
$180/sqft
Based on all homes sold in November 2024.
Difference Since Last Month
-$11,750(-3.6%)
Key Takeaway
Homes in Rapid River Township have sold for 3.6% less than they did a month ago.
Summary: The median home sold price in Rapid River Township was $311,250 in November 2024, down 3.6% from last month, and the median price per square foot was $180.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $341K | - | N/A |
| 2 Bedrooms | $276.7K | $200K | -27.7% |
| 3 Bedrooms | $260K | $314K | +20.8% |
| 4 Bedrooms | - | $422.5K | N/A |
| 5+ Bedrooms | $370K | $227K | -38.6% |
Summary: Rapid River Township housing prices by bedroom type for November 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 27.7%, 3 bedroom homes increased by 20.8%, 4 bedroom homes did not change, and 5+ bedroom homes decreased by 38.6%.
Housing Supply in Rapid River Township, MI
How many homes are available in Rapid River Township, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 31 | 30 | -3.2% |
Summary: The Rapid River Township real estate market had 30 homes for sale in November 2024, a 3.2% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 8 | 7 | -12.5% |
| 3 Bedrooms | 15 | 16 | +6.7% |
| 4 Bedrooms | 3 | 4 | +33.3% |
| 5+ Bedrooms | 3 | 2 | -33.3% |
Summary: The Rapid River Township housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes decreased by 12.5%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 7 | 8 | +14.3% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Rapid River Township, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Rapid River Township in November 2024, up by 14.3% month-over-month. Of the 8 sold homes, 50% were sold under asking, 13% were sold at asking, and 38% were sold over asking.
Days on Market for Rapid River Township, MI
How long does it take to sell a home in Rapid River Township, MI?
Average Sale Time
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 42 Days | 44 Days | +3.8% |
Summary: Homes in Rapid River Township had an average of 44 days on market in Nov 2024, up by 3.8% compared to last month.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Rapid River Township are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 8 homes were sold in Rapid River Township; 63% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
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