Is Peninsula Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Peninsula Township was a Buyer's Market.
Housing Prices in Peninsula Township, MI
How much do homes in Peninsula Township, MI cost?
Median Sold Price
$965,000
$320/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Peninsula Township was $965,000 in May 2024, up 10.3% from last year, and the median price per square foot was $320.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $291K | N/A |
2 Bedrooms | $687.5K | $560K | -18.5% |
3 Bedrooms | $1.1M | $799K | -27.4% |
4 Bedrooms | $872.5K | $1.2M | +39.8% |
5+ Bedrooms | $811.2K | $2.0M | +154.9% |
Summary: Peninsula 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 decreased by 18.5%, 3 bedroom homes decreased by 27.4%, 4 bedroom homes increased by 39.8%, and 5+ bedroom homes increased by 154.9%.
Median Sold Price Compared To Nearby Cities
Peninsula Township | $875K | $965K | +10.3% |
Traverse City | $428.8K | $425K | -0.9% |
Housing Supply in Peninsula Township, MI
How many homes are available in Peninsula Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
35 | 43 | +22.9% |
Summary: The Peninsula Township real estate market had 43 homes for sale in May 2024, a 22.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 6 | 7 | +16.7% |
3 Bedrooms | 10 | 13 | +30.0% |
4 Bedrooms | 13 | 17 | +30.8% |
5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The Peninsula 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 increased by 16.7%, 3 bedroom homes increased by 30%, 4 bedroom homes increased by 30.8%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
8 | 8 | 0.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 8 homes were sold or pending in Peninsula Township in May 2024, the same as the previous month. Of the 8 sold homes, 38% were sold under asking, 38% were sold at asking, and 25% were sold over asking.
Days on Market for Peninsula Township, MI
How long does it take to sell a home in Peninsula Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
182 Days | 38 Days | -78.9% |
Summary: Homes in Peninsula Township had an average of 38 days on market in May 2024, down by 78.9% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 8 homes were sold in Peninsula Township; 38% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.