Is 48124, 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, 48124 has remained a Seller's Market.
Housing Prices in 48124, MI
How much do homes in 48124, MI cost?
Median Sold Price
$221,833
$178/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 48124 was $221,833 in March 2024, up 10.9% from last year, and the median price per square foot was $178.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $78.2K | $85K | +8.6% |
2 Bedrooms | $147K | $148K | +0.7% |
3 Bedrooms | $200K | $224.1K | +12.1% |
4 Bedrooms | $299.9K | $330K | +10.0% |
5+ Bedrooms | $310K | $329K | +6.1% |
Summary: 48124 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.6%, 2 bedroom homes increased by 0.7%, 3 bedroom homes increased by 12.1%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 6.1%.
Housing Supply in 48124, MI
How many homes are available in 48124, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
80 | 87 | +8.8% |
Summary: The 48124 real estate market had 87 homes for sale in March 2024, a 8.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 5 | 4 | -20.0% |
2 Bedrooms | 11 | 12 | +9.1% |
3 Bedrooms | 49 | 55 | +12.2% |
4 Bedrooms | 12 | 13 | +8.3% |
5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The 48124 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes increased by 9.1%, 3 bedroom homes increased by 12.2%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
32 | 22 | -31.3% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 22 homes were sold or pending in 48124 in March 2024, down by 31.3% month-over-month. Of the 22 sold homes, 41% were sold under asking, 18% were sold at asking, and 41% were sold over asking.
Days on Market for 48124, MI
How long does it take to sell a home in 48124, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
37 Days | 10 Days | -72.0% |
Summary: Homes in 48124 had an average of 10 days on market in Mar 2024, down by 72% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During March 2024, 22 homes were sold in 48124; 86% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.