Is Shelby 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, Shelby Township has remained a Seller's Market.
Housing Prices in Shelby Township, MI
How much do homes in Shelby Township, MI cost?
Median Sold Price
$220,000
$157/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Shelby Township was $220,000 in May 2024, up 7.3% from last year, and the median price per square foot was $157.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $83K | $102.5K | +23.5% |
2 Bedrooms | $233.9K | $181K | -22.6% |
3 Bedrooms | $188K | $270K | +43.6% |
4 Bedrooms | $355K | $185K | -47.9% |
5+ Bedrooms | $252.6K | $143.5K | -43.2% |
Summary: Shelby Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.5%, 2 bedroom homes decreased by 22.6%, 3 bedroom homes increased by 43.6%, 4 bedroom homes decreased by 47.9%, and 5+ bedroom homes decreased by 43.2%.
Median Sold Price Compared To Nearby Cities
New Era | $195K | $238.9K | +22.5% |
Grant Township | $200K | $223K | +11.5% |
Shelby | $190K | $204.9K | +7.9% |
Shelby Township | $205K | $220K | +7.3% |
Housing Supply in Shelby Township, MI
How many homes are available in Shelby Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
21 | 27 | +28.6% |
Summary: The Shelby Township real estate market had 27 homes for sale in May 2024, a 28.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 3 | 6 | +100.0% |
3 Bedrooms | 11 | 14 | +27.3% |
4 Bedrooms | 5 | 5 | 0.0% |
5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Shelby 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 increased by 100%, 3 bedroom homes increased by 27.3%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
2 | 7 | +250.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 7 homes were sold or pending in Shelby Township in May 2024, up by 250.0% month-over-month. Of the 7 sold homes, 71% were sold under asking, 29% were sold at asking, and 0% were sold over asking.
Days on Market for Shelby Township, MI
How long does it take to sell a home in Shelby Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
17 Days | 114 Days | +547.3% |
Summary: Homes in Shelby Township had an average of 114 days on market in May 2024, up by 547.3% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During May 2024, 7 homes were sold in Shelby Township; 29% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 71% of homes were sold over 90 days.