Is 48225, 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, 48225 was a Seller's Market.
Key Takeaway
48225 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 48225, MI
How much do homes in 48225, MI cost?
Median Sold Price
$129,450
$115/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48225 have sold for 13.7% less than they did a year ago.
Summary: The median home sold price in 48225 was $129,450 in March 2024, down 13.7% from last year, and the median price per square foot was $115.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $38K | $47.5K | +25.0% |
| 2 Bedrooms | $73.9K | $75K | +1.4% |
| 3 Bedrooms | $159.9K | $145K | -9.3% |
| 4 Bedrooms | $167K | $175K | +4.8% |
| 5+ Bedrooms | $195K | $207.7K | +6.5% |
Summary: 48225 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 1.4%, 3 bedroom homes decreased by 9.3%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes increased by 6.5%.
Housing Supply in 48225, MI
How many homes are available in 48225, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 69 | 82 | +18.8% |
Summary: The 48225 real estate market had 82 homes for sale in March 2024, a 18.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 1 | -66.7% |
| 2 Bedrooms | 20 | 27 | +35.0% |
| 3 Bedrooms | 39 | 48 | +23.1% |
| 4 Bedrooms | 7 | 6 | -14.3% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 48225 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 66.7%, 2 bedroom homes increased by 35%, 3 bedroom homes increased by 23.1%, 4 bedroom homes decreased by 14.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 9 | 12 | +33.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48225, you may be able to get a good deal. 41.7% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in 48225 in March 2024, up by 33.3% month-over-month. Of the 12 sold homes, 42% were sold under asking, 25% were sold at asking, and 33% were sold over asking.
Days on Market for 48225, MI
How long does it take to sell a home in 48225, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 61 Days | 53 Days | -12.4% |
Summary: Homes in 48225 had an average of 53 days on market in Mar 2024, down by 12.4% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48225 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 12 homes were sold in 48225; 58% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 33% 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.