Is 48198, 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, 48198 has remained a Seller's Market.
Housing Prices in 48198, MI
How much do homes in 48198, MI cost?
Median Sold Price
$200,000
$174/sqft
Based on all homes sold in the last 12 months.
The Median Sold Price hasn't changed since April 2023.
Summary: The median home sold price in 48198 was $200,000 in April 2024, the same as last year, and the median price per square foot was $174.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $70.7K | $98.6K | +39.4% |
2 Bedrooms | $155K | $168K | +8.4% |
3 Bedrooms | $195K | $200K | +2.6% |
4 Bedrooms | $300.2K | $330K | +9.9% |
5+ Bedrooms | $338.7K | $310K | -8.5% |
Summary: 48198 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 39.4%, 2 bedroom homes increased by 8.4%, 3 bedroom homes increased by 2.6%, 4 bedroom homes increased by 9.9%, and 5+ bedroom homes decreased by 8.5%.
Housing Supply in 48198, MI
How many homes are available in 48198, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
82 | 91 | +11.0% |
Summary: The 48198 real estate market had 91 homes for sale in April 2024, a 11.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 16 | 18 | +12.5% |
3 Bedrooms | 49 | 50 | +2.0% |
4 Bedrooms | 13 | 18 | +38.5% |
5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The 48198 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 12.5%, 3 bedroom homes increased by 2%, 4 bedroom homes increased by 38.5%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
28 | 34 | +21.4% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Summary: A total of 34 homes were sold or pending in 48198 in April 2024, up by 21.4% month-over-month. Of the 34 sold homes, 26% were sold under asking, 21% were sold at asking, and 53% were sold over asking.
Days on Market for 48198, MI
How long does it take to sell a home in 48198, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
35 Days | 23 Days | -33.5% |
Summary: Homes in 48198 had an average of 23 days on market in Apr 2024, down by 33.5% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During April 2024, 34 homes were sold in 48198; 76% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.