Is 48103, 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, 48103 has remained a Seller's Market.
Key Takeaway
48103 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48103, MI
How much do homes in 48103, MI cost?
Median Sold Price
$500,597
$279/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48103 have sold for 7.6% more than they did a year ago.
Summary: The median home sold price in 48103 was $500,597 in March 2024, up 7.6% from last year, and the median price per square foot was $279.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $168K | $175K | +4.2% |
| 2 Bedrooms | $324K | $345K | +6.5% |
| 3 Bedrooms | $450K | $469.6K | +4.4% |
| 4 Bedrooms | $583K | $616K | +5.7% |
| 5+ Bedrooms | $820K | $840K | +2.4% |
Summary: 48103 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.2%, 2 bedroom homes increased by 6.5%, 3 bedroom homes increased by 4.4%, 4 bedroom homes increased by 5.7%, and 5+ bedroom homes increased by 2.4%.
Housing Supply in 48103, MI
How many homes are available in 48103, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 114 | 138 | +21.1% |
Summary: The 48103 real estate market had 138 homes for sale in March 2024, a 21.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 4 | +100.0% |
| 2 Bedrooms | 32 | 30 | -6.3% |
| 3 Bedrooms | 46 | 65 | +41.3% |
| 4 Bedrooms | 26 | 32 | +23.1% |
| 5+ Bedrooms | 8 | 7 | -12.5% |
Summary: The 48103 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 decreased by 6.3%, 3 bedroom homes increased by 41.3%, 4 bedroom homes increased by 23.1%, and 5+ bedroom homes decreased by 12.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 25 | 35 | +40.0% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48103, you could pay more than the asking price. 45.7% of homes here sold above asking price last month.
Summary: A total of 35 homes were sold or pending in 48103 in March 2024, up by 40.0% month-over-month. Of the 35 sold homes, 37% were sold under asking, 17% were sold at asking, and 46% were sold over asking.
Days on Market for 48103, MI
How long does it take to sell a home in 48103, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 50 Days | 33 Days | -34.7% |
Summary: Homes in 48103 had an average of 33 days on market in Mar 2024, down by 34.7% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48103 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 35 homes were sold in 48103; 57% of homes were sold within 30 days, 37% of homes were sold within 30 to 90 days, and 6% 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.