$10,000
0.21 Acres
Land
Brad L Fowle Sr., Listing Office: Goedert Real Estate - Adr
Is Somerset Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Somerset Township has remained a Seller's Market.
Key Takeaway
Somerset Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Somerset Township, MI
How much do homes in Somerset Township, MI cost?
Median Sold Price
$294,450
$157/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$19,550(+7.1%)
Key Takeaway
Homes in Somerset Township have sold for 7.1% more than they did a year ago.
Summary: The median home sold price in Somerset Township was $294,450 in November 2024, up 7.1% from last year, and the median price per square foot was $157.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $190K | $195K | +2.6% |
| 3 Bedrooms | $250K | $284.2K | +13.7% |
| 4 Bedrooms | $381.2K | $435K | +14.1% |
| 5+ Bedrooms | $150K | $652.5K | +335.0% |
Summary: Somerset Township housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 2.6%, 3 bedroom homes increased by 13.7%, 4 bedroom homes increased by 14.1%, and 5+ bedroom homes increased by 335%.
Median Sold Price Compared To Nearby Cities
| Jerome | $237.4K | $265.2K | +11.7% |
| Somerset Township | $274.9K | $294.4K | +7.1% |
| Cement City | $292.5K | $287K | -1.9% |
| Liberty Township | $350K | $317K | -9.4% |
Housing Supply in Somerset Township, MI
How many homes are available in Somerset Township, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 30 | 22 | -26.7% |
Summary: The Somerset Township real estate market had 22 homes for sale in November 2024, a 26.7% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 1 | -50.0% |
| 3 Bedrooms | 20 | 10 | -50.0% |
| 4 Bedrooms | 7 | 9 | +28.6% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Somerset Township housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes decreased by 50%, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 12 | 4 | -66.7% |
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 Somerset 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 Somerset Township in November 2024, down by 66.7% month-over-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 Somerset Township, MI
How long does it take to sell a home in Somerset Township, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 43 Days | 47 Days | +8.7% |
Summary: Homes in Somerset Township had an average of 47 days on market in Nov 2024, up by 8.7% compared to last year.
Breakdown of Home Sale Times
1 Home Was 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 Somerset Township has remained consistent over time.
Summary: During November 2024, 4 homes were sold in Somerset Township; 25% of homes were sold within 30 days, 75% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
