Is 48173, 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, 48173 has remained a Seller's Market.
Key Takeaway
48173 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48173, MI
How much do homes in 48173, MI cost?
Median Sold Price
$265,000
$160/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48173 have sold for 10.6% more than they did a year ago.
Summary: The median home sold price in 48173 was $265,000 in March 2024, up 10.6% from last year, and the median price per square foot was $160.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $100K | N/A |
| 2 Bedrooms | $143K | $153K | +7.0% |
| 3 Bedrooms | $207.5K | $249.5K | +20.2% |
| 4 Bedrooms | $357K | $350.1K | -1.9% |
| 5+ Bedrooms | $435K | $396K | -9.0% |
Summary: 48173 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 7%, 3 bedroom homes increased by 20.2%, 4 bedroom homes decreased by 1.9%, and 5+ bedroom homes decreased by 9%.
Housing Supply in 48173, MI
How many homes are available in 48173, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 33 | 29 | -12.1% |
Summary: The 48173 real estate market had 29 homes for sale in March 2024, a 12.1% decrease 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 | 6 | 6 | 0.0% |
| 3 Bedrooms | 19 | 16 | -15.8% |
| 4 Bedrooms | 7 | 6 | -14.3% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The 48173 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 decreased by 15.8%, 4 bedroom homes decreased by 14.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 10 | 6 | -40.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48173, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 6 homes were sold or pending in 48173 in March 2024, down by 40.0% month-over-month. Of the 6 sold homes, 33% were sold under asking, 17% were sold at asking, and 50% were sold over asking.
Days on Market for 48173, MI
How long does it take to sell a home in 48173, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 82 Days | 11 Days | -85.6% |
Summary: Homes in 48173 had an average of 11 days on market in Mar 2024, down by 85.6% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48173 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 6 homes were sold in 48173; 83% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
