Is 48166, 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, 48166 was a Seller's Market.
Key Takeaway
48166 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 48166, MI
How much do homes in 48166, MI cost?
Median Sold Price
$244,950
$157/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48166 have sold for 12.5% less than they did a year ago.
Summary: The median home sold price in 48166 was $244,950 in March 2024, down 12.5% from last year, and the median price per square foot was $157.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $142.4K | $119.7K | -15.9% |
| 3 Bedrooms | $255.5K | $257K | +0.6% |
| 4 Bedrooms | $333.7K | $297.5K | -10.9% |
| 5+ Bedrooms | $435K | $225K | -48.3% |
Summary: 48166 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 decreased by 15.9%, 3 bedroom homes increased by 0.6%, 4 bedroom homes decreased by 10.9%, and 5+ bedroom homes decreased by 48.3%.
Housing Supply in 48166, MI
How many homes are available in 48166, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 32 | 43 | +34.4% |
Summary: The 48166 real estate market had 43 homes for sale in March 2024, a 34.4% 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 | 1 | 1 | 0.0% |
| 3 Bedrooms | 21 | 31 | +47.6% |
| 4 Bedrooms | 10 | 10 | 0.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The 48166 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 remained the same, 3 bedroom homes increased by 47.6%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 4 | +33.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
3 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48166, expect to pay close to the asking price. 75% of homes here sold near the asking price last month.
Summary: A total of 4 homes were sold or pending in 48166 in March 2024, up by 33.3% month-over-month. Of the 4 sold homes, 25% were sold under asking, 75% were sold at asking, and 0% were sold over asking.
Days on Market for 48166, MI
How long does it take to sell a home in 48166, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 31 Days | 78 Days | +154.0% |
Summary: Homes in 48166 had an average of 78 days on market in Mar 2024, up by 154% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 48166 has remained consistent over time.
Summary: During March 2024, 4 homes were sold in 48166; 0% of homes were sold within 30 days, 75% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
