Is Forest 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, Forest Township has remained a Seller's Market.
Housing Prices in Forest Township, MI
How much do homes in Forest Township, MI cost?
Median Sold Price
$175,325
$152/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Forest Township was $175,325 in May 2024, down 4.2% from last year, and the median price per square foot was $152.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $325K | N/A |
2 Bedrooms | $175K | $130K | -25.7% |
3 Bedrooms | $175K | $172K | -1.7% |
4 Bedrooms | $197.5K | $292K | +47.8% |
5+ Bedrooms | $423K | $295K | -30.3% |
Summary: Forest 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 decreased by 25.7%, 3 bedroom homes decreased by 1.7%, 4 bedroom homes increased by 47.8%, and 5+ bedroom homes decreased by 30.3%.
Median Sold Price Compared To Nearby Cities
Otter Lake | $205K | $232.7K | +13.5% |
Marathon Township | $229K | $248.2K | +8.4% |
Millington Township | $184.9K | $183.4K | -0.8% |
Otisville | $183.7K | $178.1K | -3.0% |
Forest Township | $183K | $175.3K | -4.2% |
Housing Supply in Forest Township, MI
How many homes are available in Forest Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
10 | 16 | +60.0% |
Summary: The Forest Township real estate market had 16 homes for sale in May 2024, a 60.0% 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 | 2 | 3 | +50.0% |
3 Bedrooms | 5 | 8 | +60.0% |
4 Bedrooms | 3 | 4 | +33.3% |
5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Forest 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 50%, 3 bedroom homes increased by 60%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
3 | 6 | +100.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 6 homes were sold or pending in Forest Township in May 2024, up by 100.0% month-over-month. Of the 6 sold homes, 33% were sold under asking, 17% were sold at asking, and 50% were sold over asking.
Days on Market for Forest Township, MI
How long does it take to sell a home in Forest Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
56 Days | 33 Days | -39.6% |
Summary: Homes in Forest Township had an average of 33 days on market in May 2024, down by 39.6% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 6 homes were sold in Forest Township; 83% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.