Is Torch Lake 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, Torch Lake Township was a Buyer's Market.
Key Takeaway
Torch Lake Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Torch Lake Township, MI
How much do homes in Torch Lake Township, MI cost?
Median Sold Price
$489,000
$279/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Torch Lake Township have sold for 2.2% less than they did a year ago.
Summary: The median home sold price in Torch Lake Township was $489,000 in May 2024, down 2.2% from last year, and the median price per square foot was $279.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $260K | $335K | +28.8% |
| 3 Bedrooms | $560K | $475K | -15.2% |
| 4 Bedrooms | $440K | $852.5K | +93.8% |
| 5+ Bedrooms | $4.6M | $1.2M | -72.8% |
Summary: Torch Lake 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 28.8%, 3 bedroom homes decreased by 15.2%, 4 bedroom homes increased by 93.8%, and 5+ bedroom homes decreased by 72.8%.
Median Sold Price Compared To Nearby Cities
| Torch Lake Township | $500K | $489K | -2.2% |
| Kewadin | $500K | $422K | -15.6% |
| Central Lake Township | $360K | $235K | -34.7% |
Housing Supply in Torch Lake Township, MI
How many homes are available in Torch Lake Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 12 | +100.0% |
Summary: The Torch Lake Township real estate market had 12 homes for sale in May 2024, a 100.0% 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 | 2 | 2 | 0.0% |
| 3 Bedrooms | 2 | 4 | +100.0% |
| 4 Bedrooms | 0 | 2 | +100.0% |
| 5+ Bedrooms | 2 | 4 | +100.0% |
Summary: The Torch Lake 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 increased by 100%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 2 | 0.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Torch Lake Township, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 2 homes were sold or pending in Torch Lake Township in May 2024, the same as the previous month. Of the 2 sold homes, 0% were sold under asking, 50% were sold at asking, and 50% were sold over asking.
Days on Market for Torch Lake Township, MI
How long does it take to sell a home in Torch Lake Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 34 Days | 34 Days | 0.0% |
Summary: Homes in Torch Lake Township had an average of 34 days on market in May 2024, the same as last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Torch Lake Township has remained consistent over time.
Summary: During May 2024, 2 homes were sold in Torch Lake Township; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
