$11,000
0.24 Acres
Land
GLORIA A ANDREWS, Listing Office: ANDREWS, INC.
Is Somerset Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Somerset Township was a Neutral 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
$309,500
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$44,500(+16.8%)
Key Takeaway
Homes in Somerset Township have sold for 16.8% more than they did a year ago.
Summary: The median home sold price in Somerset Township was $309,500 in October 2024, up 16.8% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $195K | $190K | -2.6% |
| 3 Bedrooms | $242.5K | $294.4K | +21.4% |
| 4 Bedrooms | $350K | $400K | +14.3% |
| 5+ Bedrooms | $150K | $652.5K | +335.0% |
Summary: Somerset 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 2.6%, 3 bedroom homes increased by 21.4%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 335%.
Median Sold Price Compared To Nearby Cities
| Somerset Township | $265K | $309.5K | +16.8% |
| Jerome | $229.9K | $263K | +14.4% |
| Cement City | $275K | $289.9K | +5.4% |
| Liberty Township | $340K | $335K | -1.5% |
Housing Supply in Somerset Township, MI
How many homes are available in Somerset Township, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 30 | 29 | -3.3% |
Summary: The Somerset Township real estate market had 29 homes for sale in October 2024, a 3.3% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 2 | -33.3% |
| 3 Bedrooms | 21 | 20 | -4.8% |
| 4 Bedrooms | 5 | 6 | +20.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Somerset 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 decreased by 33.3%, 3 bedroom homes decreased by 4.8%, 4 bedroom homes increased by 20%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 7 | 12 | +71.4% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
4 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. 41.7% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in Somerset Township in October 2024, up by 71.4% month-over-month. Of the 12 sold homes, 42% were sold under asking, 25% were sold at asking, and 33% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 38 Days | 29 Days | -21.9% |
Summary: Homes in Somerset Township had an average of 29 days on market in Oct 2024, down by 21.9% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Somerset Township are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 12 homes were sold in Somerset Township; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
