Is 48098, 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, 48098 has remained a Seller's Market.
Housing Prices in 48098, MI
How much do homes in 48098, MI cost?
Median Sold Price
$500,000
$222/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in 48098 was $500,000 in April 2024, down 3.9% from last year, and the median price per square foot was $222.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $238.5K | $249K | +4.4% |
3 Bedrooms | $370.5K | $346.5K | -6.5% |
4 Bedrooms | $615K | $630K | +2.4% |
5+ Bedrooms | $661.2K | $690.5K | +4.4% |
Summary: 48098 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 decreased by 6.5%, 4 bedroom homes increased by 2.4%, and 5+ bedroom homes increased by 4.4%.
Housing Supply in 48098, MI
How many homes are available in 48098, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
38 | 45 | +18.4% |
Summary: The 48098 real estate market had 45 homes for sale in April 2024, a 18.4% 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 | 4 | 3 | -25.0% |
3 Bedrooms | 10 | 14 | +40.0% |
4 Bedrooms | 21 | 24 | +14.3% |
5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The 48098 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 decreased by 25%, 3 bedroom homes increased by 40%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
15 | 12 | -20.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 12 homes were sold or pending in 48098 in April 2024, down by 20.0% month-over-month. Of the 12 sold homes, 17% were sold under asking, 17% were sold at asking, and 67% were sold over asking.
Days on Market for 48098, MI
How long does it take to sell a home in 48098, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
143 Days | 6 Days | -95.3% |
Summary: Homes in 48098 had an average of 6 days on market in Apr 2024, down by 95.3% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 12 homes were sold in 48098; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.