Is 48227, 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, 48227 was a Seller's Market.
Key Takeaway
48227 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 48227, MI
How much do homes in 48227, MI cost?
Median Sold Price
$65,000
$55/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48227 have sold for 2% more than they did a year ago.
Summary: The median home sold price in 48227 was $65,000 in March 2024, up 2% from last year, and the median price per square foot was $55.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $35K | $44K | +25.7% |
| 3 Bedrooms | $62.2K | $65.6K | +5.5% |
| 4 Bedrooms | $85K | $97K | +14.1% |
| 5+ Bedrooms | $90K | $99.5K | +10.6% |
Summary: 48227 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 25.7%, 3 bedroom homes increased by 5.5%, 4 bedroom homes increased by 14.1%, and 5+ bedroom homes increased by 10.6%.
Housing Supply in 48227, MI
How many homes are available in 48227, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 230 | 253 | +10.0% |
Summary: The 48227 real estate market had 253 homes for sale in March 2024, a 10.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 23 | 27 | +17.4% |
| 3 Bedrooms | 157 | 171 | +8.9% |
| 4 Bedrooms | 43 | 46 | +7.0% |
| 5+ Bedrooms | 5 | 7 | +40.0% |
Summary: The 48227 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 17.4%, 3 bedroom homes increased by 8.9%, 4 bedroom homes increased by 7%, and 5+ bedroom homes increased by 40%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 34 | 32 | -5.9% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48227, you may be able to get a good deal. 53.1% of homes here sold below asking price last month.
Summary: A total of 32 homes were sold or pending in 48227 in March 2024, down by 5.9% month-over-month. Of the 32 sold homes, 53% were sold under asking, 22% were sold at asking, and 25% were sold over asking.
Days on Market for 48227, MI
How long does it take to sell a home in 48227, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 83 Days | 48 Days | -42.1% |
Summary: Homes in 48227 had an average of 48 days on market in Mar 2024, down by 42.1% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48227 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 32 homes were sold in 48227; 53% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 16% 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.