Is Shelby 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
Since last year, Shelby Charter Township has remained a Seller's Market.
Key Takeaway
Shelby Charter Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Shelby Charter Township, MI
How much do homes in Shelby Charter Township, MI cost?
Median Sold Price
$340,666
$194/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Shelby Charter Township have sold for 3.2% more than they did a year ago.
Summary: The median home sold price in Shelby Charter Township was $340,666 in May 2024, up 3.2% from last year, and the median price per square foot was $194.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $69.5K | $138.5K | +99.3% |
| 2 Bedrooms | $230K | $249.2K | +8.3% |
| 3 Bedrooms | $320K | $338.4K | +5.8% |
| 4 Bedrooms | $525K | $530K | +1.0% |
| 5+ Bedrooms | $605K | $527.5K | -12.8% |
Summary: Shelby Charter Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 99.3%, 2 bedroom homes increased by 8.3%, 3 bedroom homes increased by 5.8%, 4 bedroom homes increased by 1%, and 5+ bedroom homes decreased by 12.8%.
Median Sold Price Compared To Nearby Cities
| Macomb Township | $408K | $430K | +5.4% |
| Macomb | $407.9K | $430.1K | +5.4% |
| Sterling Heights | $280K | $294.4K | +5.1% |
| Shelby Charter Township | $330.2K | $340.6K | +3.2% |
| Utica | $452K | $462K | +2.2% |
Housing Supply in Shelby Charter Township, MI
How many homes are available in Shelby Charter Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 214 | 259 | +21.0% |
Summary: The Shelby Charter Township real estate market had 259 homes for sale in May 2024, a 21.0% increase 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 | 52 | 63 | +21.2% |
| 3 Bedrooms | 68 | 89 | +30.9% |
| 4 Bedrooms | 80 | 95 | +18.8% |
| 5+ Bedrooms | 13 | 11 | -15.4% |
Summary: The Shelby Charter 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 increased by 21.2%, 3 bedroom homes increased by 30.9%, 4 bedroom homes increased by 18.8%, and 5+ bedroom homes decreased by 15.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 54 | 81 | +50.0% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
40 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Shelby Charter Township, you could pay more than the asking price. 49.4% of homes here sold above asking price last month.
Summary: A total of 81 homes were sold or pending in Shelby Charter Township in May 2024, up by 50.0% month-over-month. Of the 81 sold homes, 30% were sold under asking, 21% were sold at asking, and 49% were sold over asking.
Days on Market for Shelby Charter Township, MI
How long does it take to sell a home in Shelby Charter Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 18 Days | 24 Days | +28.3% |
Summary: Homes in Shelby Charter Township had an average of 24 days on market in May 2024, up by 28.3% compared to last year.
Breakdown of Home Sale Times
65 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Shelby Charter Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 81 homes were sold in Shelby Charter Township; 80% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.