Is 48048, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, 48048 was a Seller's Market.
Key Takeaway
48048 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 48048, MI
How much do homes in 48048, MI cost?
Median Sold Price
$285,250
$162/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48048 have sold for 3% less than they did a year ago.
Summary: The median home sold price in 48048 was $285,250 in March 2024, down 3% from last year, and the median price per square foot was $162.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $159.9K | $105K | -34.4% |
| 3 Bedrooms | $272K | $269.9K | -0.8% |
| 4 Bedrooms | $331.1K | $322.8K | -2.5% |
| 5+ Bedrooms | $350K | $326.2K | -6.8% |
Summary: 48048 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 34.4%, 3 bedroom homes decreased by 0.8%, 4 bedroom homes decreased by 2.5%, and 5+ bedroom homes decreased by 6.8%.
Median Sold Price Compared To Nearby Zip Codes
| 48047 | $330.7K | $337K | +1.9% |
| 48048 | $294.1K | $285.2K | -3.0% |
Housing Supply in 48048, MI
How many homes are available in 48048, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 14 | 10 | -28.6% |
Summary: The 48048 real estate market had 10 homes for sale in March 2024, a 28.6% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 0 | -100.0% |
| 3 Bedrooms | 8 | 7 | -12.5% |
| 4 Bedrooms | 4 | 3 | -25.0% |
| 5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The 48048 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 100%, 3 bedroom homes decreased by 12.5%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 7 | 1 | -85.7% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 48048, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 1 homes were sold or pending in 48048 in March 2024, down by 85.7% month-over-month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for 48048, MI
How long does it take to sell a home in 48048, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 13 Days | 150 Days | +1053.8% |
Summary: Homes in 48048 had an average of 150 days on market in Mar 2024, up by 1053.8% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Most homes in 48048 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 1 homes were sold in 48048; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% 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. 
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.