Is Garfield Charter 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, Garfield Charter Township was a Buyer's Market.
Key Takeaway
Garfield Charter Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Garfield Charter Township, MI
How much do homes in Garfield Charter Township, MI cost?
Median Sold Price
$365,000
$214/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Garfield Charter Township have sold for 2.7% less than they did a year ago.
Summary: The median home sold price in Garfield Charter Township was $365,000 in May 2024, down 2.7% from last year, and the median price per square foot was $214.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $265K | $308.5K | +16.4% |
| 2 Bedrooms | $340K | $310K | -8.8% |
| 3 Bedrooms | $369.3K | $355.5K | -3.7% |
| 4 Bedrooms | $484K | $483.5K | -0.1% |
| 5+ Bedrooms | $502.5K | $607.5K | +20.9% |
Summary: Garfield Charter Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.4%, 2 bedroom homes decreased by 8.8%, 3 bedroom homes decreased by 3.7%, 4 bedroom homes decreased by 0.1%, and 5+ bedroom homes increased by 20.9%.
Median Sold Price Compared To Nearby Cities
| Traverse City | $428.8K | $425K | -0.9% |
| Garfield Charter Township | $375K | $365K | -2.7% |
| Long Lake Township | $475K | $459.2K | -3.3% |
| East Bay Township | $429.8K | $370K | -13.9% |
| Elmwood Charter Township | $552.5K | $471K | -14.8% |
Housing Supply in Garfield Charter Township, MI
How many homes are available in Garfield Charter Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 70 | 93 | +32.9% |
Summary: The Garfield Charter Township real estate market had 93 homes for sale in May 2024, a 32.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 3 | +200.0% |
| 2 Bedrooms | 16 | 19 | +18.8% |
| 3 Bedrooms | 32 | 38 | +18.8% |
| 4 Bedrooms | 14 | 26 | +85.7% |
| 5+ Bedrooms | 7 | 7 | 0.0% |
Summary: The Garfield Charter Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 18.8%, 3 bedroom homes increased by 18.8%, 4 bedroom homes increased by 85.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 16 | 23 | +43.8% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Garfield Charter Township, expect to pay close to the asking price. 45.5% of homes here sold near the asking price last month.
Summary: A total of 23 homes were sold or pending in Garfield Charter Township in May 2024, up by 43.8% month-over-month. Of the 22 sold homes, 41% were sold under asking, 45% were sold at asking, and 14% were sold over asking.
Days on Market for Garfield Charter Township, MI
How long does it take to sell a home in Garfield Charter Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 69 Days | 46 Days | -33.3% |
Summary: Homes in Garfield Charter Township had an average of 46 days on market in May 2024, down by 33.3% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Garfield Charter Township has remained consistent over time.
Summary: During May 2024, 23 homes were sold in Garfield Charter Township; 35% of homes were sold within 30 days, 52% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.