Is Summit 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, Summit Township has remained a Seller's Market.
Housing Prices in Summit Township, MI
How much do homes in Summit Township, MI cost?
Median Sold Price
$218,250
$150/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Summit Township was $218,250 in May 2024, up 12.7% 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 | $74.5K | $100K | +34.2% |
2 Bedrooms | $140.5K | $160K | +13.9% |
3 Bedrooms | $196.6K | $205.2K | +4.4% |
4 Bedrooms | $251K | $275K | +9.6% |
5+ Bedrooms | $405.5K | $367K | -9.5% |
Summary: Summit Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 34.2%, 2 bedroom homes increased by 13.9%, 3 bedroom homes increased by 4.4%, 4 bedroom homes increased by 9.6%, and 5+ bedroom homes decreased by 9.5%.
Median Sold Price Compared To Nearby Cities
Napoleon Township | $227.4K | $276.4K | +21.5% |
Jackson | $155K | $175.1K | +13.0% |
Summit Township | $193.6K | $218.2K | +12.7% |
Blackman Charter Township | $172.2K | $190.5K | +10.6% |
Liberty Township | $315K | $262K | -16.8% |
Housing Supply in Summit Township, MI
How many homes are available in Summit Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
82 | 87 | +6.1% |
Summary: The Summit Township real estate market had 87 homes for sale in May 2024, a 6.1% 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 | 17 | 14 | -17.6% |
3 Bedrooms | 34 | 43 | +26.5% |
4 Bedrooms | 23 | 21 | -8.7% |
5+ Bedrooms | 8 | 9 | +12.5% |
Summary: The Summit 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 17.6%, 3 bedroom homes increased by 26.5%, 4 bedroom homes decreased by 8.7%, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
30 | 29 | -3.3% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Summary: A total of 29 homes were sold or pending in Summit Township in May 2024, down by 3.3% month-over-month. Of the 29 sold homes, 24% were sold under asking, 21% were sold at asking, and 55% were sold over asking.
Days on Market for Summit Township, MI
How long does it take to sell a home in Summit Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
31 Days | 38 Days | +24.8% |
Summary: Homes in Summit Township had an average of 38 days on market in May 2024, up by 24.8% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 29 homes were sold in Summit Township; 52% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.