Is 49503, 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, 49503 has remained a Seller's Market.
Key Takeaway
49503 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 49503, MI
How much do homes in 49503, MI cost?
Median Sold Price
$275,000
$220/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 49503 have sold for 14.5% more than they did a year ago.
Summary: The median home sold price in 49503 was $275,000 in May 2024, up 14.5% from last year, and the median price per square foot was $220.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $205K | $230K | +12.2% |
| 2 Bedrooms | $238K | $260K | +9.2% |
| 3 Bedrooms | $235K | $271K | +15.3% |
| 4 Bedrooms | $275K | $319.5K | +16.2% |
| 5+ Bedrooms | $305K | $410K | +34.4% |
Summary: 49503 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.2%, 2 bedroom homes increased by 9.2%, 3 bedroom homes increased by 15.3%, 4 bedroom homes increased by 16.2%, and 5+ bedroom homes increased by 34.4%.
Housing Supply in 49503, MI
How many homes are available in 49503, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 112 | 108 | -3.6% |
Summary: The 49503 real estate market had 108 homes for sale in May 2024, a 3.6% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 7 | -12.5% |
| 2 Bedrooms | 33 | 28 | -15.2% |
| 3 Bedrooms | 44 | 46 | +4.5% |
| 4 Bedrooms | 19 | 20 | +5.3% |
| 5+ Bedrooms | 8 | 7 | -12.5% |
Summary: The 49503 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 12.5%, 2 bedroom homes decreased by 15.2%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 5.3%, and 5+ bedroom homes decreased by 12.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 36 | 42 | +16.7% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 49503, you could pay more than the asking price. 52.4% of homes here sold above asking price last month.
Summary: A total of 42 homes were sold or pending in 49503 in May 2024, up by 16.7% month-over-month. Of the 42 sold homes, 31% were sold under asking, 17% were sold at asking, and 52% were sold over asking.
Days on Market for 49503, MI
How long does it take to sell a home in 49503, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 41 Days | 16 Days | -61.1% |
Summary: Homes in 49503 had an average of 16 days on market in May 2024, down by 61.1% compared to last year.
Breakdown of Home Sale Times
35 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 49503 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 42 homes were sold in 49503; 83% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.