Is Park 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, Park Township has remained a Seller's Market.
Key Takeaway
Park Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Park Township, MI
How much do homes in Park Township, MI cost?
Median Sold Price
$425,000
$271/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Park Township have sold for 9.1% more than they did a year ago.
Summary: The median home sold price in Park Township was $425,000 in May 2024, up 9.1% from last year, and the median price per square foot was $271.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $1.7M | N/A |
| 2 Bedrooms | $268.9K | $345K | +28.3% |
| 3 Bedrooms | $359.9K | $374.9K | +4.2% |
| 4 Bedrooms | $410K | $450K | +9.8% |
| 5+ Bedrooms | $591.9K | $642.4K | +8.5% |
Summary: Park Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 28.3%, 3 bedroom homes increased by 4.2%, 4 bedroom homes increased by 9.8%, and 5+ bedroom homes increased by 8.5%.
Median Sold Price Compared To Nearby Cities
| Holland | $306.7K | $336.2K | +9.6% |
| Park Township | $389.4K | $425K | +9.1% |
| Holland | $308.1K | $336.2K | +9.1% |
| Holland Charter Township | $310.5K | $336.2K | +8.3% |
Housing Supply in Park Township, MI
How many homes are available in Park Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 77 | 82 | +6.5% |
Summary: The Park Township real estate market had 82 homes for sale in May 2024, a 6.5% 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 | 10 | 10 | 0.0% |
| 3 Bedrooms | 25 | 24 | -4.0% |
| 4 Bedrooms | 30 | 32 | +6.7% |
| 5+ Bedrooms | 12 | 16 | +33.3% |
Summary: The Park 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 remained the same, 3 bedroom homes decreased by 4%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 25 | 22 | -12.0% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Park Township, you could pay more than the asking price. 54.5% of homes here sold above asking price last month.
Summary: A total of 22 homes were sold or pending in Park Township in May 2024, down by 12.0% month-over-month. Of the 22 sold homes, 36% were sold under asking, 9% were sold at asking, and 55% were sold over asking.
Days on Market for Park Township, MI
How long does it take to sell a home in Park Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 43 Days | 32 Days | -25.1% |
Summary: Homes in Park Township had an average of 32 days on market in May 2024, down by 25.1% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Park Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 22 homes were sold in Park Township; 77% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.