Is 48104, 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, 48104 has remained a Seller's Market.
Key Takeaway
48104 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48104, MI
How much do homes in 48104, MI cost?
Median Sold Price
$500,000
$330/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48104 have sold for 6.8% more than they did a year ago.
Summary: The median home sold price in 48104 was $500,000 in April 2024, up 6.8% from last year, and the median price per square foot was $330.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $238.7K | $250K | +4.7% |
| 2 Bedrooms | $263.5K | $263K | -0.2% |
| 3 Bedrooms | $435.5K | $535K | +22.8% |
| 4 Bedrooms | $772.1K | $636.7K | -17.5% |
| 5+ Bedrooms | $961.5K | $1.1M | +20.1% |
Summary: 48104 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.7%, 2 bedroom homes decreased by 0.2%, 3 bedroom homes increased by 22.8%, 4 bedroom homes decreased by 17.5%, and 5+ bedroom homes increased by 20.1%.
Housing Supply in 48104, MI
How many homes are available in 48104, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 75 | 96 | +28.0% |
Summary: The 48104 real estate market had 96 homes for sale in April 2024, a 28.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 10 | 0.0% |
| 2 Bedrooms | 13 | 20 | +53.8% |
| 3 Bedrooms | 22 | 24 | +9.1% |
| 4 Bedrooms | 22 | 29 | +31.8% |
| 5+ Bedrooms | 8 | 13 | +62.5% |
Summary: The 48104 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 increased by 53.8%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 31.8%, and 5+ bedroom homes increased by 62.5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 27 | 32 | +18.5% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48104, you could pay more than the asking price. 65.6% of homes here sold above asking price last month.
Summary: A total of 32 homes were sold or pending in 48104 in April 2024, up by 18.5% month-over-month. Of the 32 sold homes, 31% were sold under asking, 3% were sold at asking, and 66% were sold over asking.
Days on Market for 48104, MI
How long does it take to sell a home in 48104, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 35 Days | 29 Days | -18.1% |
Summary: Homes in 48104 had an average of 29 days on market in Apr 2024, down by 18.1% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
16 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48104 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 32 homes were sold in 48104; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
