Is Shoreham, 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, Shoreham has remained a Seller's Market.
Key Takeaway
Shoreham is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Shoreham, MI
How much do homes in Shoreham, MI cost?
Median Sold Price
$320,000
$174/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Shoreham have sold for 2.4% less than they did a year ago.
Summary: The median home sold price in Shoreham was $320,000 in May 2024, down 2.4% from last year, and the median price per square foot was $174.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $140K | $230K | +64.3% |
| 3 Bedrooms | $315K | $260K | -17.5% |
| 4 Bedrooms | $540K | $385K | -28.7% |
| 5+ Bedrooms | $1.0M | $1.9M | +73.7% |
Summary: Shoreham 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 64.3%, 3 bedroom homes decreased by 17.5%, 4 bedroom homes decreased by 28.7%, and 5+ bedroom homes increased by 73.7%.
Median Sold Price Compared To Nearby Cities
| Saint Joseph Charter Township | $243K | $287.4K | +18.3% |
| Saint Joseph | $288K | $290K | +0.7% |
| Shoreham | $328K | $320K | -2.4% |
Housing Supply in Shoreham, MI
How many homes are available in Shoreham, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4 | 10 | +150.0% |
Summary: The Shoreham real estate market had 10 homes for sale in May 2024, a 150.0% 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 | 2 | +100.0% |
| 3 Bedrooms | 0 | 1 | +100.0% |
| 4 Bedrooms | 1 | 3 | +200.0% |
| 5+ Bedrooms | 2 | 4 | +100.0% |
Summary: The Shoreham 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 100%, 3 bedroom homes increased by 100%, 4 bedroom homes increased by 200%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 0 | 2 | +100.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Shoreham, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 2 homes were sold or pending in Shoreham in May 2024, up by 100.0% month-over-month. Of the 2 sold homes, 0% were sold under asking, 50% were sold at asking, and 50% were sold over asking.
Days on Market for Shoreham, MI
How long does it take to sell a home in Shoreham, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 40 Days | 12 Days | -68.8% |
Summary: Homes in Shoreham had an average of 12 days on market in May 2024, down by 68.8% 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 Shoreham are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 2 homes were sold in Shoreham; 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.
