Is Commerce Charter 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, Commerce Charter Township has remained a Seller's Market.
Housing Prices in Commerce Charter Township, MI
How much do homes in Commerce Charter Township, MI cost?
Median Sold Price
$370,000
$212/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Commerce Charter Township was $370,000 in May 2024, up 5.7% from last year, and the median price per square foot was $212.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $241.2K | $335K | +38.9% |
2 Bedrooms | $247.2K | $272K | +10.0% |
3 Bedrooms | $314.9K | $349.6K | +11.0% |
4 Bedrooms | $480K | $510K | +6.3% |
5+ Bedrooms | $620K | $690K | +11.3% |
Summary: Commerce Charter Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 38.9%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 11%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 11.3%.
Median Sold Price Compared To Nearby Cities
Commerce Township | $410K | $461.5K | +12.6% |
Wixom | $330.5K | $367K | +11.0% |
Walled Lake | $252K | $270K | +7.1% |
Commerce Charter Township | $350K | $370K | +5.7% |
Wolverine Lake | $280K | $295K | +5.4% |
Housing Supply in Commerce Charter Township, MI
How many homes are available in Commerce Charter Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
150 | 172 | +14.7% |
Summary: The Commerce Charter Township real estate market had 172 homes for sale in May 2024, a 14.7% 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 | 28 | 24 | -14.3% |
3 Bedrooms | 66 | 79 | +19.7% |
4 Bedrooms | 45 | 61 | +35.6% |
5+ Bedrooms | 11 | 8 | -27.3% |
Summary: The Commerce Charter 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 decreased by 14.3%, 3 bedroom homes increased by 19.7%, 4 bedroom homes increased by 35.6%, and 5+ bedroom homes decreased by 27.3%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
43 | 52 | +20.9% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Summary: A total of 52 homes were sold or pending in Commerce Charter Township in May 2024, up by 20.9% month-over-month. Of the 52 sold homes, 31% were sold under asking, 17% were sold at asking, and 52% were sold over asking.
Days on Market for Commerce Charter Township, MI
How long does it take to sell a home in Commerce Charter Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
24 Days | 14 Days | -41.4% |
Summary: Homes in Commerce Charter Township had an average of 14 days on market in May 2024, down by 41.4% compared to last year.
Breakdown of Home Sale Times
45 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 52 homes were sold in Commerce Charter Township; 87% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.