Is 48038, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, 48038 has remained a Seller's Market.
Housing Prices in 48038, MI
How much do homes in 48038, MI cost?
Median Sold Price
$261,000
$173/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 48038 was $261,000 in March 2024, down 1.3% from last year, and the median price per square foot was $173.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $97.7K | $117K | +19.7% |
2 Bedrooms | $205K | $210K | +2.4% |
3 Bedrooms | $309K | $328K | +6.1% |
4 Bedrooms | $337K | $390K | +15.7% |
5+ Bedrooms | $385K | $560K | +45.5% |
Summary: 48038 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.7%, 2 bedroom homes increased by 2.4%, 3 bedroom homes increased by 6.1%, 4 bedroom homes increased by 15.7%, and 5+ bedroom homes increased by 45.5%.
Housing Supply in 48038, MI
How many homes are available in 48038, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
65 | 76 | +16.9% |
Summary: The 48038 real estate market had 76 homes for sale in March 2024, a 16.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 0 | -100.0% |
2 Bedrooms | 35 | 41 | +17.1% |
3 Bedrooms | 18 | 22 | +22.2% |
4 Bedrooms | 8 | 10 | +25.0% |
5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The 48038 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 17.1%, 3 bedroom homes increased by 22.2%, 4 bedroom homes increased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
17 | 24 | +41.2% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Summary: A total of 24 homes were sold or pending in 48038 in March 2024, up by 41.2% month-over-month. Of the 24 sold homes, 25% were sold under asking, 13% were sold at asking, and 63% were sold over asking.
Days on Market for 48038, MI
How long does it take to sell a home in 48038, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
77 Days | 25 Days | -67.5% |
Summary: Homes in 48038 had an average of 25 days on market in Mar 2024, down by 67.5% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 24 homes were sold in 48038; 71% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.