$6,769 Closing Credit*
$570,000
2,544 SqFt
5 Beds
•3 Full Baths, 1 Partial
Christian Bugeja, Listing Office: Chestnut Real Estate
Is Salem Township, 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, Salem Township has remained a Seller's Market.
Key Takeaway
Salem Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Salem Township, MI
How much do homes in Salem Township, MI cost?
Median Sold Price
$680,000
$267/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$17,000(+2.6%)
Key Takeaway
Homes in Salem Township have sold for 2.6% more than they did a year ago.
Summary: The median home sold price in Salem Township was $680,000 in October 2024, up 2.6% from last year, and the median price per square foot was $267.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $710.2K | $560K | -21.2% |
| 3 Bedrooms | $400K | $537.5K | +34.4% |
| 4 Bedrooms | $750K | $697.5K | -7.0% |
| 5+ Bedrooms | $799.9K | $1.2M | +60.0% |
Summary: Salem 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 decreased by 21.2%, 3 bedroom homes increased by 34.4%, 4 bedroom homes decreased by 7%, and 5+ bedroom homes increased by 60%.
Median Sold Price Compared To Nearby Cities
| Lyon Charter Township | $540K | $589.9K | +9.2% |
| Northville Township | $523.6K | $542.8K | +3.7% |
| Salem Township | $663K | $680K | +2.6% |
| South Lyon | $452.6K | $460K | +1.6% |
| Plymouth Charter Township | $444.9K | $446.3K | 0.3% |
Housing Supply in Salem Township, MI
How many homes are available in Salem Township, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 18 | 18 | 0.0% |
Summary: The Salem Township real estate market had 18 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 | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 5 | 7 | +40.0% |
| 4 Bedrooms | 11 | 10 | -9.1% |
| 5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Salem 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 remained the same, 3 bedroom homes increased by 40%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 4 | 4 | 0.0% |
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 Salem Township, 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 Salem Township in October 2024, the same as the previous 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 Salem Township, MI
How long does it take to sell a home in Salem Township, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 22 Days | 81 Days | +255.8% |
Summary: Homes in Salem Township had an average of 81 days on market in Oct 2024, up by 255.8% 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 Salem Township has remained consistent over time.
Summary: During October 2024, 4 homes were sold in Salem Township; 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.
