Is 48117, 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, 48117 has remained a Seller's Market.
Key Takeaway
48117 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48117, MI
How much do homes in 48117, MI cost?
Median Sold Price
$268,750
$168/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
The sold price of homes in 48117 has remained the same since last year.
Summary: The median home sold price in 48117 was $268,750 in March 2024, down 0.5% from last year, and the median price per square foot was $168.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $135K | N/A |
| 2 Bedrooms | $148.7K | $175K | +17.7% |
| 3 Bedrooms | $244.9K | $252K | +2.9% |
| 4 Bedrooms | $340K | $335K | -1.5% |
| 5+ Bedrooms | $405K | $390.5K | -3.6% |
Summary: 48117 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 17.7%, 3 bedroom homes increased by 2.9%, 4 bedroom homes decreased by 1.5%, and 5+ bedroom homes decreased by 3.6%.
Housing Supply in 48117, MI
How many homes are available in 48117, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 15 | 16 | +6.7% |
Summary: The 48117 real estate market had 16 homes for sale in March 2024, a 6.7% 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 | 4 | 2 | -50.0% |
| 3 Bedrooms | 5 | 7 | +40.0% |
| 4 Bedrooms | 6 | 7 | +16.7% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 48117 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 50%, 3 bedroom homes increased by 40%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 4 | 5 | +25.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 48117, you may be able to get a good deal. 40% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in 48117 in March 2024, up by 25.0% month-over-month. Of the 5 sold homes, 40% were sold under asking, 40% were sold at asking, and 20% were sold over asking.
Days on Market for 48117, MI
How long does it take to sell a home in 48117, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 106 Days | 18 Days | -82.5% |
Summary: Homes in 48117 had an average of 18 days on market in Mar 2024, down by 82.5% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48117 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 5 homes were sold in 48117; 80% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.