Is 48187, 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, 48187 has remained a Seller's Market.
Housing Prices in 48187, MI
How much do homes in 48187, MI cost?
Median Sold Price
$359,250
$202/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 48187 was $359,250 in March 2024, up 5.7% from last year, and the median price per square foot was $202.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $199.9K | $215K | +7.5% |
2 Bedrooms | $239.5K | $252K | +5.2% |
3 Bedrooms | $306.7K | $330K | +7.6% |
4 Bedrooms | $421K | $483.3K | +14.8% |
5+ Bedrooms | $710K | $705K | -0.7% |
Summary: 48187 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.5%, 2 bedroom homes increased by 5.2%, 3 bedroom homes increased by 7.6%, 4 bedroom homes increased by 14.8%, and 5+ bedroom homes decreased by 0.7%.
Housing Supply in 48187, MI
How many homes are available in 48187, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
85 | 87 | +2.4% |
Summary: The 48187 real estate market had 87 homes for sale in March 2024, a 2.4% 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 | 17 | 15 | -11.8% |
3 Bedrooms | 32 | 32 | 0.0% |
4 Bedrooms | 32 | 35 | +9.4% |
5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The 48187 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 11.8%, 3 bedroom homes remained the same, 4 bedroom homes increased by 9.4%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
30 | 33 | +10.0% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Summary: A total of 33 homes were sold or pending in 48187 in March 2024, up by 10.0% month-over-month. Of the 33 sold homes, 27% were sold under asking, 18% were sold at asking, and 55% were sold over asking.
Days on Market for 48187, MI
How long does it take to sell a home in 48187, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
59 Days | 17 Days | -70.5% |
Summary: Homes in 48187 had an average of 17 days on market in Mar 2024, down by 70.5% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 33 homes were sold in 48187; 79% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.