Is 48223, 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, 48223 has remained a Seller's Market.
Housing Prices in 48223, MI
How much do homes in 48223, MI cost?
Median Sold Price
$99,000
$85/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 48223 was $99,000 in March 2024, down 3.4% from last year, and the median price per square foot was $85.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $56K | $36.2K | -35.3% |
3 Bedrooms | $114.9K | $105K | -8.7% |
4 Bedrooms | $182.4K | $210K | +15.1% |
5+ Bedrooms | $241K | $396K | +64.3% |
Summary: 48223 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 decreased by 35.3%, 3 bedroom homes decreased by 8.7%, 4 bedroom homes increased by 15.1%, and 5+ bedroom homes increased by 64.3%.
Housing Supply in 48223, MI
How many homes are available in 48223, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
84 | 93 | +10.7% |
Summary: The 48223 real estate market had 93 homes for sale in March 2024, a 10.7% 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 | 19 | 21 | +10.5% |
3 Bedrooms | 58 | 63 | +8.6% |
4 Bedrooms | 3 | 5 | +66.7% |
5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The 48223 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 increased by 10.5%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
12 | 19 | +58.3% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 19 homes were sold or pending in 48223 in March 2024, up by 58.3% month-over-month. Of the 19 sold homes, 63% were sold under asking, 16% were sold at asking, and 21% were sold over asking.
Days on Market for 48223, MI
How long does it take to sell a home in 48223, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
68 Days | 32 Days | -52.2% |
Summary: Homes in 48223 had an average of 32 days on market in Mar 2024, down by 52.2% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 19 homes were sold in 48223; 53% of homes were sold within 30 days, 42% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.