Is 48116, 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, 48116 has remained a Seller's Market.
Key Takeaway
48116 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48116, MI
How much do homes in 48116, MI cost?
Median Sold Price
$390,350
$226/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48116 have sold for 11.4% more than they did a year ago.
Summary: The median home sold price in 48116 was $390,350 in March 2024, up 11.4% from last year, and the median price per square foot was $226.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $136.3K | $143.7K | +5.4% |
| 2 Bedrooms | $270.5K | $299.9K | +10.9% |
| 3 Bedrooms | $350K | $375K | +7.1% |
| 4 Bedrooms | $490.6K | $512.5K | +4.5% |
| 5+ Bedrooms | $575K | $638K | +11.0% |
Summary: 48116 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.4%, 2 bedroom homes increased by 10.9%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 11%.
Housing Supply in 48116, MI
How many homes are available in 48116, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 79 | 88 | +11.4% |
Summary: The 48116 real estate market had 88 homes for sale in March 2024, a 11.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 24 | 20 | -16.7% |
| 3 Bedrooms | 34 | 39 | +14.7% |
| 4 Bedrooms | 16 | 21 | +31.3% |
| 5+ Bedrooms | 3 | 5 | +66.7% |
Summary: The 48116 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 16.7%, 3 bedroom homes increased by 14.7%, 4 bedroom homes increased by 31.3%, and 5+ bedroom homes increased by 66.7%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 24 | 21 | -12.5% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48116, you could pay more than the asking price. 52.4% of homes here sold above asking price last month.
Summary: A total of 21 homes were sold or pending in 48116 in March 2024, down by 12.5% month-over-month. Of the 21 sold homes, 14% were sold under asking, 33% were sold at asking, and 52% were sold over asking.
Days on Market for 48116, MI
How long does it take to sell a home in 48116, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 108 Days | 57 Days | -46.7% |
Summary: Homes in 48116 had an average of 57 days on market in Mar 2024, down by 46.7% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48116 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 21 homes were sold in 48116; 57% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.
