Is 48197, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, 48197 has remained a Seller's Market.
Key Takeaway
48197 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48197, MI
How much do homes in 48197, MI cost?
Median Sold Price
$333,500
$189/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48197 have sold for 7.7% more than they did a year ago.
Summary: The median home sold price in 48197 was $333,500 in April 2024, up 7.7% from last year, and the median price per square foot was $189.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $135.2K | $119K | -12.0% |
| 2 Bedrooms | $228.5K | $242.3K | +6.1% |
| 3 Bedrooms | $300K | $325K | +8.3% |
| 4 Bedrooms | $374.5K | $380K | +1.5% |
| 5+ Bedrooms | $362.5K | $400K | +10.3% |
Summary: 48197 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 12%, 2 bedroom homes increased by 6.1%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 1.5%, and 5+ bedroom homes increased by 10.3%.
Housing Supply in 48197, MI
How many homes are available in 48197, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 113 | 132 | +16.8% |
Summary: The 48197 real estate market had 132 homes for sale in April 2024, a 16.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 22 | 32 | +45.5% |
| 3 Bedrooms | 47 | 60 | +27.7% |
| 4 Bedrooms | 38 | 35 | -7.9% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The 48197 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 45.5%, 3 bedroom homes increased by 27.7%, 4 bedroom homes decreased by 7.9%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 31 | 50 | +61.3% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
30 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48197, you could pay more than the asking price. 60% of homes here sold above asking price last month.
Summary: A total of 50 homes were sold or pending in 48197 in April 2024, up by 61.3% month-over-month. Of the 50 sold homes, 22% were sold under asking, 18% were sold at asking, and 60% were sold over asking.
Days on Market for 48197, MI
How long does it take to sell a home in 48197, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 42 Days | 29 Days | -29.1% |
Summary: Homes in 48197 had an average of 29 days on market in Apr 2024, down by 29.1% compared to last year.
Breakdown of Home Sale Times
33 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48197 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 50 homes were sold in 48197; 66% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.