Is 48118, 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, 48118 has remained a Seller's Market.
Housing Prices in 48118, MI
How much do homes in 48118, MI cost?
Median Sold Price
$399,900
$205/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 48118 was $399,900 in March 2024, up 5.2% from last year, and the median price per square foot was $205.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $224.9K | $285K | +26.7% |
3 Bedrooms | $367K | $377.5K | +2.9% |
4 Bedrooms | $450K | $461.4K | +2.6% |
5+ Bedrooms | $605K | $519.4K | -14.1% |
Summary: 48118 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 26.7%, 3 bedroom homes increased by 2.9%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes decreased by 14.1%.
Housing Supply in 48118, MI
How many homes are available in 48118, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
41 | 41 | 0.0% |
Summary: The 48118 real estate market had 41 homes for sale in March 2024, the same as February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 5 | 7 | +40.0% |
3 Bedrooms | 15 | 14 | -6.7% |
4 Bedrooms | 19 | 17 | -10.5% |
5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The 48118 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 increased by 40%, 3 bedroom homes decreased by 6.7%, 4 bedroom homes decreased by 10.5%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
11 | 11 | 0.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 11 homes were sold or pending in 48118 in March 2024, the same as the previous month. Of the 11 sold homes, 45% were sold under asking, 18% were sold at asking, and 36% were sold over asking.
Days on Market for 48118, MI
How long does it take to sell a home in 48118, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
18 Days | 41 Days | +123.2% |
Summary: Homes in 48118 had an average of 41 days on market in Mar 2024, up by 123.2% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 11 homes were sold in 48118; 45% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.