Is Vernon Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Vernon Township was a Seller's Market.
Key Takeaway
Vernon Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Vernon Township, MI
How much do homes in Vernon Township, MI cost?
Median Sold Price
$180,000
$128/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Vernon Township have sold for 9.5% less than they did a year ago.
Summary: The median home sold price in Vernon Township was $180,000 in May 2024, down 9.5% from last year, and the median price per square foot was $128.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $27.7K | - | N/A |
| 2 Bedrooms | $169.5K | $115K | -32.2% |
| 3 Bedrooms | $211.4K | $182K | -13.9% |
| 4 Bedrooms | $221.7K | $205.7K | -7.2% |
| 5+ Bedrooms | - | $270K | N/A |
Summary: Vernon 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 32.2%, 3 bedroom homes decreased by 13.9%, 4 bedroom homes decreased by 7.2%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Venice Township | $177.4K | $182K | +2.6% |
| Gaines Township | $245K | $238K | -2.9% |
| Vernon Township | $199K | $180K | -9.5% |
| Durand | $177.9K | $155K | -12.9% |
Housing Supply in Vernon Township, MI
How many homes are available in Vernon Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4 | 7 | +75.0% |
Summary: The Vernon Township real estate market had 7 homes for sale in May 2024, a 75.0% 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 | 4 | +300.0% |
| 3 Bedrooms | 0 | 0 | 0.0% |
| 4 Bedrooms | 2 | 1 | -50.0% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Vernon 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 300%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 50%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 1 | -50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Vernon Township, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in Vernon Township in May 2024, down by 50.0% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Vernon Township, MI
How long does it take to sell a home in Vernon Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 103 Days | 114 Days | +10.3% |
Summary: Homes in Vernon Township had an average of 114 days on market in May 2024, up by 10.3% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Most homes in Vernon Township are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 1 homes were sold in Vernon Township; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% of homes were sold over 90 days.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.