Is Monroe 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, Monroe Township has remained a Seller's Market.
Housing Prices in Monroe Township, MI
How much do homes in Monroe Township, MI cost?
Median Sold Price
$210,000
$150/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Monroe Township was $210,000 in May 2024, up 13.3% from last year, and the median price per square foot was $150.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $110K | $88.7K | -19.3% |
2 Bedrooms | $140K | $153K | +9.3% |
3 Bedrooms | $190K | $210K | +10.5% |
4 Bedrooms | $244.9K | $289.9K | +18.4% |
5+ Bedrooms | $240K | $313.9K | +30.8% |
Summary: Monroe Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 19.3%, 2 bedroom homes increased by 9.3%, 3 bedroom homes increased by 10.5%, 4 bedroom homes increased by 18.4%, and 5+ bedroom homes increased by 30.8%.
Housing Supply in Monroe Township, MI
How many homes are available in Monroe Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
187 | 174 | -7.0% |
Summary: The Monroe Township real estate market had 174 homes for sale in May 2024, a 7.0% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 1 | -50.0% |
2 Bedrooms | 47 | 38 | -19.1% |
3 Bedrooms | 87 | 88 | +1.1% |
4 Bedrooms | 38 | 38 | 0.0% |
5+ Bedrooms | 13 | 9 | -30.8% |
Summary: The Monroe Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes decreased by 19.1%, 3 bedroom homes increased by 1.1%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 30.8%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
71 | 51 | -28.2% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
29 Homes Were Sold
Over Asking
Summary: A total of 51 homes were sold or pending in Monroe Township in May 2024, down by 28.2% month-over-month. Of the 51 sold homes, 29% were sold under asking, 14% were sold at asking, and 57% were sold over asking.
Days on Market for Monroe Township, MI
How long does it take to sell a home in Monroe Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
38 Days | 41 Days | +6.6% |
Summary: Homes in Monroe Township had an average of 41 days on market in May 2024, up by 6.6% compared to last year.
Breakdown of Home Sale Times
33 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Summary: During May 2024, 51 homes were sold in Monroe Township; 65% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.