Is Summit Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Summit Township has remained a Seller's Market.
Housing Prices in Summit Township, MI
How much do homes in Summit Township, MI cost?
Median Sold Price
$217,000
$150/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Summit Township was $217,000 in April 2024, up 12.4% from last year, and the median price per square foot was $150.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $74.5K | $100K | +34.2% |
2 Bedrooms | $140K | $159.2K | +13.7% |
3 Bedrooms | $195K | $209.2K | +7.3% |
4 Bedrooms | $245K | $275K | +12.2% |
5+ Bedrooms | $399.9K | $375K | -6.2% |
Summary: Summit Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 34.2%, 2 bedroom homes increased by 13.7%, 3 bedroom homes increased by 7.3%, 4 bedroom homes increased by 12.2%, and 5+ bedroom homes decreased by 6.2%.
Median Sold Price Compared To Nearby Cities
Jackson | $140.5K | $174.9K | +24.5% |
Summit Township | $193K | $217K | +12.4% |
Napoleon Township | $232K | $260K | +12.1% |
Blackman Charter Township | $178K | $186.2K | +4.6% |
Liberty Township | $269.9K | $269K | -0.3% |
Housing Supply in Summit Township, MI
How many homes are available in Summit Township, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
73 | 83 | +13.7% |
Summary: The Summit Township real estate market had 83 homes for sale in April 2024, a 13.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 17 | 19 | +11.8% |
3 Bedrooms | 29 | 31 | +6.9% |
4 Bedrooms | 18 | 23 | +27.8% |
5+ Bedrooms | 9 | 10 | +11.1% |
Summary: The Summit Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 6.9%, 4 bedroom homes increased by 27.8%, and 5+ bedroom homes increased by 11.1%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
23 | 29 | +26.1% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Summary: A total of 29 homes were sold or pending in Summit Township in April 2024, up by 26.1% month-over-month. Of the 29 sold homes, 48% were sold under asking, 10% were sold at asking, and 41% were sold over asking.
Days on Market for Summit Township, MI
How long does it take to sell a home in Summit Township, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
38 Days | 57 Days | +48.8% |
Summary: Homes in Summit Township had an average of 57 days on market in Apr 2024, up by 48.8% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Summary: During April 2024, 29 homes were sold in Summit Township; 45% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 28% of homes were sold over 90 days.