Is 48207, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, 48207 was a Seller's Market.
Key Takeaway
48207 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 48207, MI
How much do homes in 48207, MI cost?
Median Sold Price
$153,000
$134/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48207 have sold for 20.5% less than they did a year ago.
Summary: The median home sold price in 48207 was $153,000 in March 2024, down 20.5% from last year, and the median price per square foot was $134.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $83.1K | $111.2K | +33.8% |
| 2 Bedrooms | $207K | $160K | -22.7% |
| 3 Bedrooms | $237.5K | $215K | -9.5% |
| 4 Bedrooms | $196.5K | $71K | -63.9% |
| 5+ Bedrooms | - | $85.5K | N/A |
Summary: 48207 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 33.8%, 2 bedroom homes decreased by 22.7%, 3 bedroom homes decreased by 9.5%, 4 bedroom homes decreased by 63.9%, and 5+ bedroom homes did not change.
Housing Supply in 48207, MI
How many homes are available in 48207, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 79 | 84 | +6.3% |
Summary: The 48207 real estate market had 84 homes for sale in March 2024, a 6.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 20 | 19 | -5.0% |
| 2 Bedrooms | 37 | 40 | +8.1% |
| 3 Bedrooms | 11 | 13 | +18.2% |
| 4 Bedrooms | 9 | 9 | 0.0% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The 48207 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 5%, 2 bedroom homes increased by 8.1%, 3 bedroom homes increased by 18.2%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 9 | 5 | -44.4% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 48207, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in 48207 in March 2024, down by 44.4% month-over-month. Of the 5 sold homes, 80% were sold under asking, 0% were sold at asking, and 20% were sold over asking.
Days on Market for 48207, MI
How long does it take to sell a home in 48207, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 137 Days | 85 Days | -37.8% |
Summary: Homes in 48207 had an average of 85 days on market in Mar 2024, down by 37.8% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 48207 has remained consistent over time.
Summary: During March 2024, 5 homes were sold in 48207; 20% of homes were sold within 30 days, 60% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
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.