Is Garfield 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 Township was a Seller's Market.
Key Takeaway
Garfield Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Garfield Township, MI
How much do homes in Garfield Township, MI cost?
Median Sold Price
$177,000
$144/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Garfield Township have sold for 47.5% more than they did a year ago.
Summary: The median home sold price in Garfield Township was $177,000 in May 2024, up 47.5% from last year, and the median price per square foot was $144.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $150.3K | $113K | -24.8% |
| 2 Bedrooms | $70K | $190K | +171.4% |
| 3 Bedrooms | $125K | $162.7K | +30.2% |
| 4 Bedrooms | - | $177.4K | N/A |
| 5+ Bedrooms | $615K | - | N/A |
Summary: Garfield Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 24.8%, 2 bedroom homes increased by 171.4%, 3 bedroom homes increased by 30.2%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Garfield Township | $120K | $177K | +47.5% |
| Lake | $125K | $147K | +17.6% |
| Surrey Township | $110K | $125K | +13.6% |
| Freeman Township | $131K | $144.4K | +10.3% |
Housing Supply in Garfield Township, MI
How many homes are available in Garfield Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 16 | 20 | +25.0% |
Summary: The Garfield Township real estate market had 20 homes for sale in May 2024, a 25.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 7 | 9 | +28.6% |
| 3 Bedrooms | 5 | 6 | +20.0% |
| 4 Bedrooms | 1 | 1 | 0.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Garfield Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 28.6%, 3 bedroom homes increased by 20%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1 | 1 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Garfield Township, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in Garfield Township in May 2024, the same as the previous month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Garfield Township, MI
How long does it take to sell a home in Garfield Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 49 Days | 59 Days | +20.4% |
Summary: Homes in Garfield Township had an average of 59 days on market in May 2024, up by 20.4% compared to 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 Garfield Township has remained consistent over time.
Summary: During May 2024, 1 homes were sold in Garfield Township; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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