Is 48167, 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, 48167 has remained a Seller's Market.
Key Takeaway
48167 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48167, MI
How much do homes in 48167, MI cost?
Median Sold Price
$425,000
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48167 have sold for 4.4% less than they did a year ago.
Summary: The median home sold price in 48167 was $425,000 in March 2024, down 4.4% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $143K | $159.5K | +11.5% |
| 2 Bedrooms | $211K | $235K | +11.4% |
| 3 Bedrooms | $360K | $383.7K | +6.6% |
| 4 Bedrooms | $625K | $575K | -8.0% |
| 5+ Bedrooms | $900K | $715.5K | -20.5% |
Summary: 48167 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.5%, 2 bedroom homes increased by 11.4%, 3 bedroom homes increased by 6.6%, 4 bedroom homes decreased by 8%, and 5+ bedroom homes decreased by 20.5%.
Housing Supply in 48167, MI
How many homes are available in 48167, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 49 | 51 | +4.1% |
Summary: The 48167 real estate market had 51 homes for sale in March 2024, a 4.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 15 | 18 | +20.0% |
| 3 Bedrooms | 17 | 13 | -23.5% |
| 4 Bedrooms | 8 | 9 | +12.5% |
| 5+ Bedrooms | 8 | 9 | +12.5% |
Summary: The 48167 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 20%, 3 bedroom homes decreased by 23.5%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 18 | 10 | -44.4% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 48167, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in 48167 in March 2024, down by 44.4% month-over-month. Of the 10 sold homes, 60% were sold under asking, 30% were sold at asking, and 10% were sold over asking.
Days on Market for 48167, MI
How long does it take to sell a home in 48167, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 127 Days | 37 Days | -70.2% |
Summary: Homes in 48167 had an average of 37 days on market in Mar 2024, down by 70.2% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48167 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 10 homes were sold in 48167; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
