Is Commerce 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, Commerce Township has remained a Seller's Market.
Key Takeaway
Commerce Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Commerce Township, MI
How much do homes in Commerce Township, MI cost?
Median Sold Price
$461,500
$212/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Commerce Township have sold for 12.6% more than they did a year ago.
Summary: The median home sold price in Commerce Township was $461,500 in May 2024, up 12.6% from last year, and the median price per square foot was $212.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $400K | $335K | -16.3% |
| 2 Bedrooms | $230K | $222K | -3.5% |
| 3 Bedrooms | $320K | $399.9K | +25.0% |
| 4 Bedrooms | $485K | $530K | +9.3% |
| 5+ Bedrooms | $624.9K | $689.8K | +10.4% |
Summary: Commerce Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 16.3%, 2 bedroom homes decreased by 3.5%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 9.3%, and 5+ bedroom homes increased by 10.4%.
Median Sold Price Compared To Nearby Cities
| Commerce Township | $410K | $461.5K | +12.6% |
| Wixom | $330.5K | $367K | +11.0% |
| White Lake | $360K | $386.4K | +7.3% |
| White Lake Charter Township | $360K | $386K | +7.2% |
| Commerce Charter Township | $350K | $370K | +5.7% |
Housing Supply in Commerce Township, MI
How many homes are available in Commerce Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 67 | 96 | +43.3% |
Summary: The Commerce Township real estate market had 96 homes for sale in May 2024, a 43.3% 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 | 3 | 2 | -33.3% |
| 3 Bedrooms | 31 | 42 | +35.5% |
| 4 Bedrooms | 27 | 46 | +70.4% |
| 5+ Bedrooms | 6 | 6 | 0.0% |
Summary: The Commerce 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 33.3%, 3 bedroom homes increased by 35.5%, 4 bedroom homes increased by 70.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 16 | 25 | +56.3% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Commerce Township, you could pay more than the asking price. 56% of homes here sold above asking price last month.
Summary: A total of 25 homes were sold or pending in Commerce Township in May 2024, up by 56.3% month-over-month. Of the 25 sold homes, 32% were sold under asking, 12% were sold at asking, and 56% were sold over asking.
Days on Market for Commerce Township, MI
How long does it take to sell a home in Commerce Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 13 Days | -40.7% |
Summary: Homes in Commerce Township had an average of 13 days on market in May 2024, down by 40.7% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Commerce Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 25 homes were sold in Commerce Township; 88% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource. 
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.