Is 48221, 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, 48221 has remained a Seller's Market.
Housing Prices in 48221, MI
How much do homes in 48221, MI cost?
Median Sold Price
$138,276
$98/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 48221 was $138,276 in March 2024, down 10.8% from last year, and the median price per square foot was $98.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $93K | N/A |
2 Bedrooms | $59K | $59.5K | +0.8% |
3 Bedrooms | $139K | $130K | -6.5% |
4 Bedrooms | $190.7K | $199.9K | +4.8% |
5+ Bedrooms | $293.2K | $285K | -2.8% |
Summary: 48221 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 0.8%, 3 bedroom homes decreased by 6.5%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes decreased by 2.8%.
Housing Supply in 48221, MI
How many homes are available in 48221, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
184 | 198 | +7.6% |
Summary: The 48221 real estate market had 198 homes for sale in March 2024, a 7.6% 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 | 13 | 13 | 0.0% |
3 Bedrooms | 112 | 127 | +13.4% |
4 Bedrooms | 42 | 40 | -4.8% |
5+ Bedrooms | 17 | 18 | +5.9% |
Summary: The 48221 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 remained the same, 3 bedroom homes increased by 13.4%, 4 bedroom homes decreased by 4.8%, and 5+ bedroom homes increased by 5.9%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
38 | 40 | +5.3% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Summary: A total of 40 homes were sold or pending in 48221 in March 2024, up by 5.3% month-over-month. Of the 40 sold homes, 48% were sold under asking, 13% were sold at asking, and 40% were sold over asking.
Days on Market for 48221, MI
How long does it take to sell a home in 48221, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
97 Days | 48 Days | -50.8% |
Summary: Homes in 48221 had an average of 48 days on market in Mar 2024, down by 50.8% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During March 2024, 40 homes were sold in 48221; 45% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.