Is Hamburg 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, Hamburg Township has remained a Seller's Market.
Key Takeaway
Hamburg Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Hamburg Township, MI
How much do homes in Hamburg Township, MI cost?
Median Sold Price
$406,000
$219/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Hamburg Township have sold for 5.5% more than they did a year ago.
Summary: The median home sold price in Hamburg Township was $406,000 in May 2024, up 5.5% from last year, and the median price per square foot was $219.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $216K | N/A |
| 2 Bedrooms | $281.3K | $355.2K | +26.3% |
| 3 Bedrooms | $353.7K | $375K | +6.0% |
| 4 Bedrooms | $420K | $472.5K | +12.5% |
| 5+ Bedrooms | $503.5K | $497K | -1.3% |
Summary: Hamburg 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 26.3%, 3 bedroom homes increased by 6%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes decreased by 1.3%.
Median Sold Price Compared To Nearby Cities
| Whitmore Lake | $360K | $380K | +5.6% |
| Hamburg Township | $385K | $406K | +5.5% |
| Brighton | $397K | $410.2K | +3.3% |
Housing Supply in Hamburg Township, MI
How many homes are available in Hamburg Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 74 | 82 | +10.8% |
Summary: The Hamburg Township real estate market had 82 homes for sale in May 2024, a 10.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 3 | -25.0% |
| 2 Bedrooms | 9 | 8 | -11.1% |
| 3 Bedrooms | 32 | 37 | +15.6% |
| 4 Bedrooms | 24 | 27 | +12.5% |
| 5+ Bedrooms | 5 | 7 | +40.0% |
Summary: The Hamburg Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes decreased by 11.1%, 3 bedroom homes increased by 15.6%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 40%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 23 | 21 | -8.7% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hamburg Township, you could pay more than the asking price. 61.9% of homes here sold above asking price last month.
Summary: A total of 21 homes were sold or pending in Hamburg Township in May 2024, down by 8.7% month-over-month. Of the 21 sold homes, 33% were sold under asking, 5% were sold at asking, and 62% were sold over asking.
Days on Market for Hamburg Township, MI
How long does it take to sell a home in Hamburg Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 17 Days | -22.3% |
Summary: Homes in Hamburg Township had an average of 17 days on market in May 2024, down by 22.3% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hamburg Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 21 homes were sold in Hamburg Township; 76% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
