Is Elk 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, Elk Township has remained a Seller's Market.
Housing Prices in Elk Township, MI
How much do homes in Elk Township, MI cost?
Median Sold Price
$215,000
$170/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Elk Township was $215,000 in May 2024, up 25% from last year, and the median price per square foot was $170.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $150K | $122K | -18.7% |
2 Bedrooms | $85.5K | $209K | +144.4% |
3 Bedrooms | $249.9K | $254.5K | +1.8% |
4 Bedrooms | $529K | $555K | +4.9% |
5+ Bedrooms | - | $640K | N/A |
Summary: Elk Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 18.7%, 2 bedroom homes increased by 144.4%, 3 bedroom homes increased by 1.8%, 4 bedroom homes increased by 4.9%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
Elk Township | $172K | $215K | +25.0% |
Irons | $166.2K | $174K | +4.7% |
Sauble Township | $225K | $173K | -23.1% |
Housing Supply in Elk Township, MI
How many homes are available in Elk Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
17 | 11 | -35.3% |
Summary: The Elk Township real estate market had 11 homes for sale in May 2024, a 35.3% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 0 | -100.0% |
2 Bedrooms | 11 | 6 | -45.5% |
3 Bedrooms | 4 | 4 | 0.0% |
4 Bedrooms | 0 | 0 | 0.0% |
5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Elk Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 45.5%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
7 | 4 | -42.9% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 4 homes were sold or pending in Elk Township in May 2024, down by 42.9% month-over-month. Of the 4 sold homes, 75% were sold under asking, 25% were sold at asking, and 0% were sold over asking.
Days on Market for Elk Township, MI
How long does it take to sell a home in Elk Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
124 Days | 37 Days | -70.0% |
Summary: Homes in Elk Township had an average of 37 days on market in May 2024, down by 70% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 4 homes were sold in Elk Township; 75% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.