Is 48088, 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, 48088 has remained a Seller's Market.
Key Takeaway
48088 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48088, MI
How much do homes in 48088, MI cost?
Median Sold Price
$245,500
$185/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48088 have sold for 6.7% more than they did a year ago.
Summary: The median home sold price in 48088 was $245,500 in March 2024, up 6.7% from last year, and the median price per square foot was $185.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $68.9K | $81K | +17.6% |
| 2 Bedrooms | $158.5K | $155K | -2.2% |
| 3 Bedrooms | $231K | $245.5K | +6.3% |
| 4 Bedrooms | $255K | $271.5K | +6.5% |
| 5+ Bedrooms | $266.5K | $267.7K | 0.5% |
Summary: 48088 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.6%, 2 bedroom homes decreased by 2.2%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 0.5%.
Housing Supply in 48088, MI
How many homes are available in 48088, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 41 | 38 | -7.3% |
Summary: The 48088 real estate market had 38 homes for sale in March 2024, a 7.3% decrease 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 | 4 | 6 | +50.0% |
| 3 Bedrooms | 32 | 26 | -18.8% |
| 4 Bedrooms | 1 | 4 | +300.0% |
| 5+ Bedrooms | 3 | 2 | -33.3% |
Summary: The 48088 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 50%, 3 bedroom homes decreased by 18.8%, 4 bedroom homes increased by 300%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 12 | 15 | +25.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48088, you could pay more than the asking price. 53.3% of homes here sold above asking price last month.
Summary: A total of 15 homes were sold or pending in 48088 in March 2024, up by 25.0% month-over-month. Of the 15 sold homes, 47% were sold under asking, 0% were sold at asking, and 53% were sold over asking.
Days on Market for 48088, MI
How long does it take to sell a home in 48088, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 125 Days | 17 Days | -85.7% |
Summary: Homes in 48088 had an average of 17 days on market in Mar 2024, down by 85.7% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48088 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 15 homes were sold in 48088; 87% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 7% 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.