Is 48120, 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, 48120 has remained a Seller's Market.
Key Takeaway
48120 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48120, MI
How much do homes in 48120, MI cost?
Median Sold Price
$250,000
$167/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48120 have sold for 12.3% less than they did a year ago.
Summary: The median home sold price in 48120 was $250,000 in March 2024, down 12.3% from last year, and the median price per square foot was $167.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $169.2K | $205K | +21.1% |
| 3 Bedrooms | $294.9K | $261K | -11.5% |
| 4 Bedrooms | $320K | $365K | +14.1% |
| 5+ Bedrooms | - | $92K | N/A |
Summary: 48120 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 21.1%, 3 bedroom homes decreased by 11.5%, 4 bedroom homes increased by 14.1%, and 5+ bedroom homes did not change.
Housing Supply in 48120, MI
How many homes are available in 48120, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 3 | 0.0% |
Summary: The 48120 real estate market had 3 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 | 0 | 1 | +100.0% |
| 3 Bedrooms | 3 | 2 | -33.3% |
| 4 Bedrooms | 0 | 0 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 48120 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 100%, 3 bedroom homes decreased by 33.3%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2 | 1 | -50.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 48120, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 1 homes were sold or pending in 48120 in March 2024, down by 50.0% month-over-month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for 48120, MI
How long does it take to sell a home in 48120, MI?
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48120 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 1 homes were sold in 48120; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
