Is Spring Lake 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, Spring Lake Township has remained a Seller's Market.
Key Takeaway
Spring Lake Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Spring Lake Township, MI
How much do homes in Spring Lake Township, MI cost?
Median Sold Price
$388,933
$254/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Spring Lake Township have sold for 3.1% more than they did a year ago.
Summary: The median home sold price in Spring Lake Township was $388,933 in May 2024, up 3.1% from last year, and the median price per square foot was $254.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $302.4K | $180K | -40.5% |
| 2 Bedrooms | $291.4K | $256.5K | -12.0% |
| 3 Bedrooms | $350K | $354K | +1.1% |
| 4 Bedrooms | $404.9K | $505K | +24.7% |
| 5+ Bedrooms | $632K | $621.9K | -1.6% |
Summary: Spring Lake Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 40.5%, 2 bedroom homes decreased by 12%, 3 bedroom homes increased by 1.1%, 4 bedroom homes increased by 24.7%, and 5+ bedroom homes decreased by 1.6%.
Median Sold Price Compared To Nearby Cities
| Fruitport | $290K | $328.4K | +13.3% |
| Ferrysburg | $319.9K | $347.4K | +8.6% |
| Grand Haven | $330.8K | $353.7K | +6.9% |
| Spring Lake | $375.6K | $388.9K | +3.5% |
| Spring Lake Township | $377.1K | $388.9K | +3.1% |
Housing Supply in Spring Lake Township, MI
How many homes are available in Spring Lake Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 86 | 116 | +34.9% |
Summary: The Spring Lake Township real estate market had 116 homes for sale in May 2024, a 34.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 17 | 27 | +58.8% |
| 3 Bedrooms | 34 | 40 | +17.6% |
| 4 Bedrooms | 17 | 24 | +41.2% |
| 5+ Bedrooms | 16 | 24 | +50.0% |
Summary: The Spring Lake Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 58.8%, 3 bedroom homes increased by 17.6%, 4 bedroom homes increased by 41.2%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 22 | 21 | -4.5% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Spring Lake Township, you may be able to get a good deal. 38.1% of homes here sold below asking price last month.
Summary: A total of 21 homes were sold or pending in Spring Lake Township in May 2024, down by 4.5% month-over-month. Of the 21 sold homes, 38% were sold under asking, 24% were sold at asking, and 38% were sold over asking.
Days on Market for Spring Lake Township, MI
How long does it take to sell a home in Spring Lake Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 30 Days | 32 Days | +9.0% |
Summary: Homes in Spring Lake Township had an average of 32 days on market in May 2024, up by 9% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Spring Lake Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 21 homes were sold in Spring Lake Township; 76% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
