Is 48114, 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, 48114 has remained a Seller's Market.
Housing Prices in 48114, MI
How much do homes in 48114, MI cost?
Median Sold Price
$440,000
$216/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in 48114 was $440,000 in April 2024, up 1.1% from last year, and the median price per square foot was $216.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $145K | N/A |
2 Bedrooms | $355.5K | $350.5K | -1.4% |
3 Bedrooms | $350K | $366K | +4.6% |
4 Bedrooms | $518.5K | $521.2K | 0.5% |
5+ Bedrooms | $695.9K | $575K | -17.4% |
Summary: 48114 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 1.4%, 3 bedroom homes increased by 4.6%, 4 bedroom homes increased by 0.5%, and 5+ bedroom homes decreased by 17.4%.
Housing Supply in 48114, MI
How many homes are available in 48114, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
50 | 67 | +34.0% |
Summary: The 48114 real estate market had 67 homes for sale in April 2024, a 34.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 4 | 5 | +25.0% |
3 Bedrooms | 26 | 30 | +15.4% |
4 Bedrooms | 15 | 24 | +60.0% |
5+ Bedrooms | 5 | 8 | +60.0% |
Summary: The 48114 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 25%, 3 bedroom homes increased by 15.4%, 4 bedroom homes increased by 60%, and 5+ bedroom homes increased by 60%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
13 | 18 | +38.5% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 18 homes were sold or pending in 48114 in April 2024, up by 38.5% month-over-month. Of the 18 sold homes, 17% were sold under asking, 39% were sold at asking, and 44% were sold over asking.
Days on Market for 48114, MI
How long does it take to sell a home in 48114, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
69 Days | 37 Days | -45.7% |
Summary: Homes in 48114 had an average of 37 days on market in Apr 2024, down by 45.7% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 18 homes were sold in 48114; 67% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.