Is 48108, 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, 48108 has remained a Seller's Market.
Key Takeaway
48108 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48108, MI
How much do homes in 48108, MI cost?
Median Sold Price
$369,333
$227/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48108 have sold for 1.8% less than they did a year ago.
Summary: The median home sold price in 48108 was $369,333 in April 2024, down 1.8% from last year, and the median price per square foot was $227.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $117.3K | $107.5K | -8.4% |
| 2 Bedrooms | $250K | $271.2K | +8.5% |
| 3 Bedrooms | $359K | $369K | +2.8% |
| 4 Bedrooms | $605K | $572K | -5.5% |
| 5+ Bedrooms | $729.3K | $771K | +5.7% |
Summary: 48108 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 8.4%, 2 bedroom homes increased by 8.5%, 3 bedroom homes increased by 2.8%, 4 bedroom homes decreased by 5.5%, and 5+ bedroom homes increased by 5.7%.
Housing Supply in 48108, MI
How many homes are available in 48108, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 47 | 76 | +61.7% |
Summary: The 48108 real estate market had 76 homes for sale in April 2024, a 61.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 13 | 19 | +46.2% |
| 3 Bedrooms | 11 | 26 | +136.4% |
| 4 Bedrooms | 17 | 19 | +11.8% |
| 5+ Bedrooms | 5 | 10 | +100.0% |
Summary: The 48108 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 46.2%, 3 bedroom homes increased by 136.4%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 10 | 22 | +120.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48108, you could pay more than the asking price. 63.6% of homes here sold above asking price last month.
Summary: A total of 22 homes were sold or pending in 48108 in April 2024, up by 120.0% month-over-month. Of the 22 sold homes, 23% were sold under asking, 14% were sold at asking, and 64% were sold over asking.
Days on Market for 48108, MI
How long does it take to sell a home in 48108, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 37 Days | 36 Days | -1.8% |
Summary: Homes in 48108 had an average of 36 days on market in Apr 2024, down by 1.8% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48108 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 22 homes were sold in 48108; 50% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
