Is 48040, 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, 48040 has remained a Seller's Market.
Key Takeaway
48040 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48040, MI
How much do homes in 48040, MI cost?
Median Sold Price
$216,000
$173/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48040 have sold for 4.9% more than they did a year ago.
Summary: The median home sold price in 48040 was $216,000 in April 2024, up 4.9% from last year, and the median price per square foot was $173.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $133K | N/A |
| 2 Bedrooms | $147.5K | $154K | +4.4% |
| 3 Bedrooms | $217.5K | $223K | +2.5% |
| 4 Bedrooms | $285K | $342K | +20.0% |
| 5+ Bedrooms | $340.9K | $235K | -31.1% |
Summary: 48040 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 increased by 4.4%, 3 bedroom homes increased by 2.5%, 4 bedroom homes increased by 20%, and 5+ bedroom homes decreased by 31.1%.
Housing Supply in 48040, MI
How many homes are available in 48040, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 23 | 28 | +21.7% |
Summary: The 48040 real estate market had 28 homes for sale in April 2024, a 21.7% 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 | 2 | 7 | +250.0% |
| 3 Bedrooms | 17 | 18 | +5.9% |
| 4 Bedrooms | 4 | 2 | -50.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The 48040 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 250%, 3 bedroom homes increased by 5.9%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 6 | 6 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
4 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 48040, expect to pay close to the asking price. 66.7% of homes here sold near the asking price last month.
Summary: A total of 6 homes were sold or pending in 48040 in April 2024, the same as the previous month. Of the 6 sold homes, 17% were sold under asking, 67% were sold at asking, and 17% were sold over asking.
Days on Market for 48040, MI
How long does it take to sell a home in 48040, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 150 Days | 49 Days | -67.3% |
Summary: Homes in 48040 had an average of 49 days on market in Apr 2024, down by 67.3% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48040 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 6 homes were sold in 48040; 67% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 33% 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.