Is 48178, 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, 48178 has remained a Seller's Market.
Key Takeaway
48178 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48178, MI
How much do homes in 48178, MI cost?
Median Sold Price
$435,000
$203/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48178 have sold for 3.3% more than they did a year ago.
Summary: The median home sold price in 48178 was $435,000 in March 2024, up 3.3% from last year, and the median price per square foot was $203.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $96K | $117.5K | +22.4% |
| 2 Bedrooms | $170K | $166K | -2.4% |
| 3 Bedrooms | $362.5K | $400K | +10.3% |
| 4 Bedrooms | $518.5K | $550K | +6.1% |
| 5+ Bedrooms | $604.2K | $665K | +10.1% |
Summary: 48178 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.4%, 2 bedroom homes decreased by 2.4%, 3 bedroom homes increased by 10.3%, 4 bedroom homes increased by 6.1%, and 5+ bedroom homes increased by 10.1%.
Housing Supply in 48178, MI
How many homes are available in 48178, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 77 | 95 | +23.4% |
Summary: The 48178 real estate market had 95 homes for sale in March 2024, a 23.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 3 | -25.0% |
| 2 Bedrooms | 16 | 22 | +37.5% |
| 3 Bedrooms | 27 | 32 | +18.5% |
| 4 Bedrooms | 22 | 30 | +36.4% |
| 5+ Bedrooms | 8 | 8 | 0.0% |
Summary: The 48178 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 37.5%, 3 bedroom homes increased by 18.5%, 4 bedroom homes increased by 36.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 30 | 26 | -13.3% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48178, you may be able to get a good deal. 46.2% of homes here sold below asking price last month.
Summary: A total of 26 homes were sold or pending in 48178 in March 2024, down by 13.3% month-over-month. Of the 26 sold homes, 46% were sold under asking, 19% were sold at asking, and 35% were sold over asking.
Days on Market for 48178, MI
How long does it take to sell a home in 48178, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 106 Days | 20 Days | -80.3% |
Summary: Homes in 48178 had an average of 20 days on market in Mar 2024, down by 80.3% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48178 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 26 homes were sold in 48178; 81% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
