Is 48168, 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, 48168 has remained a Seller's Market.
Housing Prices in 48168, MI
How much do homes in 48168, MI cost?
Median Sold Price
$550,000
$230/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 48168 was $550,000 in March 2024, down 4.3% from last year, and the median price per square foot was $230.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $128K | N/A |
2 Bedrooms | $321K | $350K | +9.0% |
3 Bedrooms | $520K | $502.5K | -3.4% |
4 Bedrooms | $678.7K | $705K | +3.9% |
5+ Bedrooms | $925K | $940K | +1.6% |
Summary: 48168 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 9%, 3 bedroom homes decreased by 3.4%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes increased by 1.6%.
Housing Supply in 48168, MI
How many homes are available in 48168, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
55 | 64 | +16.4% |
Summary: The 48168 real estate market had 64 homes for sale in March 2024, a 16.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 17 | 13 | -23.5% |
3 Bedrooms | 20 | 22 | +10.0% |
4 Bedrooms | 14 | 20 | +42.9% |
5+ Bedrooms | 3 | 8 | +166.7% |
Summary: The 48168 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 decreased by 23.5%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes increased by 166.7%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
15 | 24 | +60.0% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Summary: A total of 24 homes were sold or pending in 48168 in March 2024, up by 60.0% month-over-month. Of the 24 sold homes, 46% were sold under asking, 8% were sold at asking, and 46% were sold over asking.
Days on Market for 48168, MI
How long does it take to sell a home in 48168, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
7 Days | 31 Days | +298.5% |
Summary: Homes in 48168 had an average of 31 days on market in Mar 2024, up by 298.5% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During March 2024, 24 homes were sold in 48168; 75% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.