Is 48111, 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, 48111 has remained a Seller's Market.
Housing Prices in 48111, MI
How much do homes in 48111, MI cost?
Median Sold Price
$275,000
$173/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 48111 was $275,000 in March 2024, down 1.8% from last year, and the median price per square foot was $173.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $115K | $130K | +13.0% |
2 Bedrooms | $158K | $205K | +29.7% |
3 Bedrooms | $265K | $268.7K | +1.4% |
4 Bedrooms | $355K | $350K | -1.4% |
5+ Bedrooms | $400K | $448.5K | +12.1% |
Summary: 48111 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13%, 2 bedroom homes increased by 29.7%, 3 bedroom homes increased by 1.4%, 4 bedroom homes decreased by 1.4%, and 5+ bedroom homes increased by 12.1%.
Housing Supply in 48111, MI
How many homes are available in 48111, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
86 | 100 | +16.3% |
Summary: The 48111 real estate market had 100 homes for sale in March 2024, a 16.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 22 | 21 | -4.5% |
3 Bedrooms | 35 | 43 | +22.9% |
4 Bedrooms | 26 | 33 | +26.9% |
5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The 48111 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 4.5%, 3 bedroom homes increased by 22.9%, 4 bedroom homes increased by 26.9%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
20 | 31 | +55.0% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Summary: A total of 31 homes were sold or pending in 48111 in March 2024, up by 55.0% month-over-month. Of the 31 sold homes, 39% were sold under asking, 23% were sold at asking, and 39% were sold over asking.
Days on Market for 48111, MI
How long does it take to sell a home in 48111, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
88 Days | 25 Days | -71.1% |
Summary: Homes in 48111 had an average of 25 days on market in Mar 2024, down by 71.1% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During March 2024, 31 homes were sold in 48111; 74% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.