Is Chelsea, 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, Chelsea has remained a Seller's Market.
Key Takeaway
Chelsea is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Chelsea, MI
How much do homes in Chelsea, MI cost?
Median Sold Price
$405,000
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Chelsea have sold for 8% more than they did a year ago.
Summary: The median home sold price in Chelsea was $405,000 in May 2024, up 8% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $224.9K | $282.5K | +25.6% |
| 3 Bedrooms | $365K | $387K | +6.0% |
| 4 Bedrooms | $434.9K | $471.1K | +8.3% |
| 5+ Bedrooms | $602.5K | $514K | -14.7% |
Summary: Chelsea 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 25.6%, 3 bedroom homes increased by 6%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes decreased by 14.7%.
Median Sold Price Compared To Nearby Cities
| Lima Township | $395K | $437.4K | +10.7% |
| Chelsea | $375K | $405K | +8.0% |
| Sylvan Township | $410K | $425K | +3.7% |
Housing Supply in Chelsea, MI
How many homes are available in Chelsea, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 54 | 57 | +5.6% |
Summary: The Chelsea real estate market had 57 homes for sale in May 2024, a 5.6% 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 | 13 | 13 | 0.0% |
| 3 Bedrooms | 21 | 21 | 0.0% |
| 4 Bedrooms | 17 | 21 | +23.5% |
| 5+ Bedrooms | 3 | 2 | -33.3% |
Summary: The Chelsea 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 remained the same, 4 bedroom homes increased by 23.5%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 13 | 18 | +38.5% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Chelsea, you may be able to get a good deal. 38.9% of homes here sold below asking price last month.
Summary: A total of 18 homes were sold or pending in Chelsea in May 2024, up by 38.5% month-over-month. Of the 18 sold homes, 39% were sold under asking, 28% were sold at asking, and 33% were sold over asking.
Days on Market for Chelsea, MI
How long does it take to sell a home in Chelsea, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 30 Days | 36 Days | +19.7% |
Summary: Homes in Chelsea had an average of 36 days on market in May 2024, up by 19.7% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Chelsea are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 18 homes were sold in Chelsea; 67% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
