Is 48127, 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, 48127 has remained a Seller's Market.
Key Takeaway
48127 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48127, MI
How much do homes in 48127, MI cost?
Median Sold Price
$245,000
$207/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48127 have sold for 8.9% more than they did a year ago.
Summary: The median home sold price in 48127 was $245,000 in March 2024, up 8.9% from last year, and the median price per square foot was $207.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $56K | $63.5K | +13.4% |
| 2 Bedrooms | $145K | $162.5K | +12.1% |
| 3 Bedrooms | $225K | $242K | +7.6% |
| 4 Bedrooms | $420K | $402K | -4.3% |
| 5+ Bedrooms | $530.5K | $257.4K | -51.5% |
Summary: 48127 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.4%, 2 bedroom homes increased by 12.1%, 3 bedroom homes increased by 7.6%, 4 bedroom homes decreased by 4.3%, and 5+ bedroom homes decreased by 51.5%.
Housing Supply in 48127, MI
How many homes are available in 48127, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 76 | 83 | +9.2% |
Summary: The 48127 real estate market had 83 homes for sale in March 2024, a 9.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 11 | 12 | +9.1% |
| 3 Bedrooms | 51 | 52 | +2.0% |
| 4 Bedrooms | 10 | 14 | +40.0% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The 48127 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 9.1%, 3 bedroom homes increased by 2%, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 25 | 21 | -16.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48127, you could pay more than the asking price. 38.1% of homes here sold above asking price last month.
Summary: A total of 21 homes were sold or pending in 48127 in March 2024, down by 16.0% month-over-month. Of the 21 sold homes, 29% were sold under asking, 33% were sold at asking, and 38% were sold over asking.
Days on Market for 48127, MI
How long does it take to sell a home in 48127, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 134 Days | 17 Days | -87.3% |
Summary: Homes in 48127 had an average of 17 days on market in Mar 2024, down by 87.3% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48127 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 21 homes were sold in 48127; 81% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
