Is 48131, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, 48131 was a Seller's Market.
Housing Prices in 48131, MI
How much do homes in 48131, MI cost?
Median Sold Price
$297,000
$174/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 48131 was $297,000 in March 2024, up 1.4% from last year, and the median price per square foot was $174.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $100K | N/A |
2 Bedrooms | $148.5K | $175K | +17.8% |
3 Bedrooms | $281.5K | $297K | +5.5% |
4 Bedrooms | $362.5K | $362.5K | 0.0% |
5+ Bedrooms | $354K | $341.7K | -3.5% |
Summary: 48131 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 17.8%, 3 bedroom homes increased by 5.5%, 4 bedroom homes did not change, and 5+ bedroom homes decreased by 3.5%.
Median Sold Price Compared To Nearby Zip Codes
48140 | $228K | $256.1K | +12.3% |
49270 | $230K | $239.3K | +4.1% |
48131 | $293K | $297K | +1.4% |
Housing Supply in 48131, MI
How many homes are available in 48131, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
23 | 31 | +34.8% |
Summary: The 48131 real estate market had 31 homes for sale in March 2024, a 34.8% 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 | 3 | 5 | +66.7% |
3 Bedrooms | 13 | 19 | +46.2% |
4 Bedrooms | 7 | 7 | 0.0% |
5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 48131 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 66.7%, 3 bedroom homes increased by 46.2%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
3 | 5 | +66.7% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 5 homes were sold or pending in 48131 in March 2024, up by 66.7% month-over-month. Of the 5 sold homes, 60% were sold under asking, 40% were sold at asking, and 0% were sold over asking.
Days on Market for 48131, MI
How long does it take to sell a home in 48131, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
67 Days | 83 Days | +22.8% |
Summary: Homes in 48131 had an average of 83 days on market in Mar 2024, up by 22.8% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During March 2024, 5 homes were sold in 48131; 20% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.