Is 48162, 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, 48162 has remained a Seller's Market.
Key Takeaway
48162 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48162, MI
How much do homes in 48162, MI cost?
Median Sold Price
$211,066
$151/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48162 have sold for 10% more than they did a year ago.
Summary: The median home sold price in 48162 was $211,066 in March 2024, up 10% from last year, and the median price per square foot was $151.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $42.9K | $82.4K | +92.2% |
| 2 Bedrooms | $135.9K | $160K | +17.7% |
| 3 Bedrooms | $195K | $200K | +2.6% |
| 4 Bedrooms | $239.9K | $299.9K | +25.1% |
| 5+ Bedrooms | $246.5K | $313.4K | +27.2% |
Summary: 48162 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 92.2%, 2 bedroom homes increased by 17.7%, 3 bedroom homes increased by 2.6%, 4 bedroom homes increased by 25.1%, and 5+ bedroom homes increased by 27.2%.
Housing Supply in 48162, MI
How many homes are available in 48162, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 84 | 83 | -1.2% |
Summary: The 48162 real estate market had 83 homes for sale in March 2024, a 1.2% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 15 | 16 | +6.7% |
| 3 Bedrooms | 43 | 44 | +2.3% |
| 4 Bedrooms | 19 | 19 | 0.0% |
| 5+ Bedrooms | 6 | 4 | -33.3% |
Summary: The 48162 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 2.3%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 23 | 26 | +13.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48162, you could pay more than the asking price. 57.7% of homes here sold above asking price last month.
Summary: A total of 26 homes were sold or pending in 48162 in March 2024, up by 13.0% month-over-month. Of the 26 sold homes, 19% were sold under asking, 23% were sold at asking, and 58% were sold over asking.
Days on Market for 48162, MI
How long does it take to sell a home in 48162, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 100 Days | 34 Days | -65.3% |
Summary: Homes in 48162 had an average of 34 days on market in Mar 2024, down by 65.3% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48162 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 26 homes were sold in 48162; 58% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.