Is 48138, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, 48138 was a Neutral Market.
Key Takeaway
48138 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48138, MI
How much do homes in 48138, MI cost?
Median Sold Price
$350,000
$173/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48138 have sold for 4.1% less than they did a year ago.
Summary: The median home sold price in 48138 was $350,000 in April 2024, down 4.1% from last year, and the median price per square foot was $173.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $113.5K | N/A |
| 2 Bedrooms | $160.5K | $176K | +9.7% |
| 3 Bedrooms | $336K | $330K | -1.8% |
| 4 Bedrooms | $464.9K | $490K | +5.4% |
| 5+ Bedrooms | $710K | $477K | -32.8% |
Summary: 48138 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 9.7%, 3 bedroom homes decreased by 1.8%, 4 bedroom homes increased by 5.4%, and 5+ bedroom homes decreased by 32.8%.
Housing Supply in 48138, MI
How many homes are available in 48138, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 35 | 48 | +37.1% |
Summary: The 48138 real estate market had 48 homes for sale in April 2024, a 37.1% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 3 | 4 | +33.3% |
| 3 Bedrooms | 12 | 20 | +66.7% |
| 4 Bedrooms | 14 | 18 | +28.6% |
| 5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The 48138 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 66.7%, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 6 | 11 | +83.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48138, you may be able to get a good deal. 45.5% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in 48138 in April 2024, up by 83.3% month-over-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 48138, MI
How long does it take to sell a home in 48138, MI?
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48138 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 11 homes were sold in 48138; 82% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
