Is Elba 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, Elba Township has remained a Seller's Market.
Housing Prices in Elba Township, MI
How much do homes in Elba Township, MI cost?
Median Sold Price
$300,500
$181/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Elba Township was $300,500 in May 2024, up 18.3% from last year, and the median price per square foot was $181.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $189.2K | $85K | -55.1% |
2 Bedrooms | $145K | $173K | +19.3% |
3 Bedrooms | $254K | $257K | +1.2% |
4 Bedrooms | $346K | $500K | +44.5% |
5+ Bedrooms | $597.5K | $649.9K | +8.8% |
Summary: Elba Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 55.1%, 2 bedroom homes increased by 19.3%, 3 bedroom homes increased by 1.2%, 4 bedroom homes increased by 44.5%, and 5+ bedroom homes increased by 8.8%.
Median Sold Price Compared To Nearby Cities
Elba Township | $254K | $300.5K | +18.3% |
Oregon Township | $226.5K | $260K | +14.8% |
Lapeer | $230.3K | $255.8K | +11.1% |
Lapeer Township | $231.5K | $255K | +10.2% |
Hadley Township | $377K | $385K | +2.1% |
Housing Supply in Elba Township, MI
How many homes are available in Elba Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
10 | 14 | +40.0% |
Summary: The Elba Township real estate market had 14 homes for sale in May 2024, a 40.0% 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 | 1 | 1 | 0.0% |
3 Bedrooms | 5 | 7 | +40.0% |
4 Bedrooms | 3 | 5 | +66.7% |
5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Elba 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 40%, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
4 | 6 | +50.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 6 homes were sold or pending in Elba Township in May 2024, up by 50.0% month-over-month. Of the 6 sold homes, 67% were sold under asking, 17% were sold at asking, and 17% were sold over asking.
Days on Market for Elba Township, MI
How long does it take to sell a home in Elba Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
20 Days | 8 Days | -60.0% |
Summary: Homes in Elba Township had an average of 8 days on market in May 2024, down by 60% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 6 homes were sold in Elba Township; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.