Is 48101, 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, 48101 has remained a Seller's Market.
Key Takeaway
48101 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48101, MI
How much do homes in 48101, MI cost?
Median Sold Price
$210,000
$180/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48101 have sold for 14.5% more than they did a year ago.
Summary: The median home sold price in 48101 was $210,000 in March 2024, up 14.5% from last year, and the median price per square foot was $180.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $59K | $63.2K | +7.2% |
| 2 Bedrooms | $147.5K | $158K | +7.1% |
| 3 Bedrooms | $184K | $210K | +14.1% |
| 4 Bedrooms | $245K | $243K | -0.8% |
| 5+ Bedrooms | $295K | $325K | +10.2% |
Summary: 48101 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.2%, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 14.1%, 4 bedroom homes decreased by 0.8%, and 5+ bedroom homes increased by 10.2%.
Housing Supply in 48101, MI
How many homes are available in 48101, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 65 | 70 | +7.7% |
Summary: The 48101 real estate market had 70 homes for sale in March 2024, a 7.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 6 | 6 | 0.0% |
| 3 Bedrooms | 50 | 56 | +12.0% |
| 4 Bedrooms | 8 | 6 | -25.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 48101 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 12%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 21 | 28 | +33.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48101, you could pay more than the asking price. 60.7% of homes here sold above asking price last month.
Summary: A total of 28 homes were sold or pending in 48101 in March 2024, up by 33.3% month-over-month. Of the 28 sold homes, 18% were sold under asking, 21% were sold at asking, and 61% were sold over asking.
Days on Market for 48101, MI
How long does it take to sell a home in 48101, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 123 Days | 22 Days | -82.0% |
Summary: Homes in 48101 had an average of 22 days on market in Mar 2024, down by 82% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48101 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 28 homes were sold in 48101; 75% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
