Is Merrill 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, Merrill Township was a Seller's Market.
Key Takeaway
Merrill Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Merrill Township, MI
How much do homes in Merrill Township, MI cost?
Median Sold Price
$160,000
$115/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Merrill Township have sold for 6.7% more than they did a year ago.
Summary: The median home sold price in Merrill Township was $160,000 in May 2024, up 6.7% from last year, and the median price per square foot was $115.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $100K | $158.5K | +58.5% |
| 2 Bedrooms | $150K | $94.5K | -37.0% |
| 3 Bedrooms | $152.5K | $175K | +14.8% |
| 4 Bedrooms | $152K | $212.5K | +39.8% |
| 5+ Bedrooms | $134.9K | $165.5K | +22.7% |
Summary: Merrill Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 58.5%, 2 bedroom homes decreased by 37%, 3 bedroom homes increased by 14.8%, 4 bedroom homes increased by 39.8%, and 5+ bedroom homes increased by 22.7%.
Median Sold Price Compared To Nearby Cities
| Monroe Township | $185.3K | $210K | +13.3% |
| Lincoln Township | $168K | $190K | +13.1% |
| Merrill Township | $150K | $160K | +6.7% |
Housing Supply in Merrill Township, MI
How many homes are available in Merrill Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 13 | -23.5% |
Summary: The Merrill Township real estate market had 13 homes for sale in May 2024, a 23.5% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 5 | 4 | -20.0% |
| 3 Bedrooms | 9 | 7 | -22.2% |
| 4 Bedrooms | 2 | 1 | -50.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Merrill 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 20%, 3 bedroom homes decreased by 22.2%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 2 | -60.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Merrill Township, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Merrill Township in May 2024, down by 60.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for Merrill Township, MI
How long does it take to sell a home in Merrill Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 63 Days | 10 Days | -84.3% |
Summary: Homes in Merrill Township had an average of 10 days on market in May 2024, down by 84.3% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Merrill Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 2 homes were sold in Merrill 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.
