Is 48221, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, 48221 has remained a Seller's Market.
Housing Prices in 48221, MI
How much do homes in 48221, MI cost?
Median Sold Price
$139,933
$97/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in 48221 was $139,933 in April 2024, down 6.7% from last year, and the median price per square foot was $97.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $93K | N/A |
2 Bedrooms | $63K | $59.5K | -5.6% |
3 Bedrooms | $135K | $127.8K | -5.3% |
4 Bedrooms | $187.5K | $201K | +7.2% |
5+ Bedrooms | $281.2K | $280K | -0.4% |
Summary: 48221 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 5.6%, 3 bedroom homes decreased by 5.3%, 4 bedroom homes increased by 7.2%, and 5+ bedroom homes decreased by 0.4%.
Housing Supply in 48221, MI
How many homes are available in 48221, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
188 | 210 | +11.7% |
Summary: The 48221 real estate market had 210 homes for sale in April 2024, a 11.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 14 | 16 | +14.3% |
3 Bedrooms | 117 | 127 | +8.5% |
4 Bedrooms | 40 | 49 | +22.5% |
5+ Bedrooms | 17 | 18 | +5.9% |
Summary: The 48221 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 8.5%, 4 bedroom homes increased by 22.5%, and 5+ bedroom homes increased by 5.9%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
42 | 36 | -14.3% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 36 homes were sold or pending in 48221 in April 2024, down by 14.3% month-over-month. Of the 36 sold homes, 53% were sold under asking, 22% were sold at asking, and 25% were sold over asking.
Days on Market for 48221, MI
How long does it take to sell a home in 48221, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
43 Days | 39 Days | -9.4% |
Summary: Homes in 48221 had an average of 39 days on market in Apr 2024, down by 9.4% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During April 2024, 36 homes were sold in 48221; 50% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.