Is 48224, 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, 48224 was a Seller's Market.
Key Takeaway
48224 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 48224, MI
How much do homes in 48224, MI cost?
Median Sold Price
$73,270
$63/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48224 have sold for 13.7% less than they did a year ago.
Summary: The median home sold price in 48224 was $73,270 in March 2024, down 13.7% from last year, and the median price per square foot was $63.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $36K | $36.5K | +1.4% |
| 2 Bedrooms | $36K | $55K | +52.8% |
| 3 Bedrooms | $86K | $73.2K | -14.8% |
| 4 Bedrooms | $105K | $92.5K | -11.9% |
| 5+ Bedrooms | $158K | $160K | +1.3% |
Summary: 48224 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.4%, 2 bedroom homes increased by 52.8%, 3 bedroom homes decreased by 14.8%, 4 bedroom homes decreased by 11.9%, and 5+ bedroom homes increased by 1.3%.
Housing Supply in 48224, MI
How many homes are available in 48224, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 259 | 283 | +9.3% |
Summary: The 48224 real estate market had 283 homes for sale in March 2024, a 9.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 3 | +200.0% |
| 2 Bedrooms | 31 | 34 | +9.7% |
| 3 Bedrooms | 184 | 205 | +11.4% |
| 4 Bedrooms | 37 | 35 | -5.4% |
| 5+ Bedrooms | 6 | 6 | 0.0% |
Summary: The 48224 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 9.7%, 3 bedroom homes increased by 11.4%, 4 bedroom homes decreased by 5.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 37 | 30 | -18.9% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48224, you may be able to get a good deal. 76.7% of homes here sold below asking price last month.
Summary: A total of 30 homes were sold or pending in 48224 in March 2024, down by 18.9% month-over-month. Of the 30 sold homes, 77% were sold under asking, 17% were sold at asking, and 7% were sold over asking.
Days on Market for 48224, MI
How long does it take to sell a home in 48224, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 199 Days | 50 Days | -74.9% |
Summary: Homes in 48224 had an average of 50 days on market in Mar 2024, down by 74.9% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48224 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 30 homes were sold in 48224; 53% of homes were sold within 30 days, 27% 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.