Is Salem 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, Salem Township has remained a Seller's Market.
Housing Prices in Salem Township, MI
How much do homes in Salem Township, MI cost?
Median Sold Price
$625,000
$239/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Salem Township was $625,000 in May 2024, down 1.1% from last year, and the median price per square foot was $239.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $554.4K | $680K | +22.6% |
3 Bedrooms | $422K | $425K | +0.7% |
4 Bedrooms | $750K | $637.5K | -15.0% |
5+ Bedrooms | $614.5K | $1.0M | +75.8% |
Summary: Salem Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 22.6%, 3 bedroom homes increased by 0.7%, 4 bedroom homes decreased by 15%, and 5+ bedroom homes increased by 75.8%.
Median Sold Price Compared To Nearby Cities
Lyon Charter Township | $531.7K | $550K | +3.4% |
Plymouth Charter Township | $422.7K | $430K | +1.7% |
South Lyon | $446.3K | $443.3K | -0.7% |
Salem Township | $632.2K | $625K | -1.1% |
Northville Township | $512.4K | $499.9K | -2.4% |
Housing Supply in Salem Township, MI
How many homes are available in Salem Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
26 | 34 | +30.8% |
Summary: The Salem Township real estate market had 34 homes for sale in May 2024, a 30.8% 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 | 0 | -100.0% |
3 Bedrooms | 9 | 14 | +55.6% |
4 Bedrooms | 8 | 14 | +75.0% |
5+ Bedrooms | 8 | 6 | -25.0% |
Summary: The Salem 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 100%, 3 bedroom homes increased by 55.6%, 4 bedroom homes increased by 75%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
4 | 6 | +50.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 6 homes were sold or pending in Salem Township in May 2024, up by 50.0% month-over-month. Of the 6 sold homes, 83% were sold under asking, 0% were sold at asking, and 17% were sold over asking.
Days on Market for Salem Township, MI
How long does it take to sell a home in Salem Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
5 Days | 17 Days | +215.2% |
Summary: Homes in Salem Township had an average of 17 days on market in May 2024, up by 215.2% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 6 homes were sold in Salem Township; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.