Is 48228, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, 48228 has remained a Seller's Market.
Key Takeaway
48228 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48228, MI
How much do homes in 48228, MI cost?
Median Sold Price
$62,500
$63/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48228 have sold for 13.6% more than they did a year ago.
Summary: The median home sold price in 48228 was $62,500 in April 2024, up 13.6% from last year, and the median price per square foot was $63.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $36K | N/A |
| 2 Bedrooms | $45K | $50K | +11.1% |
| 3 Bedrooms | $55.3K | $63.3K | +14.5% |
| 4 Bedrooms | $70K | $91.5K | +30.7% |
| 5+ Bedrooms | $210K | $150K | -28.6% |
Summary: 48228 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 11.1%, 3 bedroom homes increased by 14.5%, 4 bedroom homes increased by 30.7%, and 5+ bedroom homes decreased by 28.6%.
Housing Supply in 48228, MI
How many homes are available in 48228, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 196 | 213 | +8.7% |
Summary: The 48228 real estate market had 213 homes for sale in April 2024, a 8.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 46 | 39 | -15.2% |
| 3 Bedrooms | 134 | 160 | +19.4% |
| 4 Bedrooms | 12 | 11 | -8.3% |
| 5+ Bedrooms | 3 | 1 | -66.7% |
Summary: The 48228 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 15.2%, 3 bedroom homes increased by 19.4%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes decreased by 66.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 49 | 43 | -12.2% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48228, you may be able to get a good deal. 53.5% of homes here sold below asking price last month.
Summary: A total of 43 homes were sold or pending in 48228 in April 2024, down by 12.2% month-over-month. Of the 43 sold homes, 53% were sold under asking, 21% were sold at asking, and 26% were sold over asking.
Days on Market for 48228, MI
How long does it take to sell a home in 48228, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 99 Days | 34 Days | -65.4% |
Summary: Homes in 48228 had an average of 34 days on market in Apr 2024, down by 65.4% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48228 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 43 homes were sold in 48228; 60% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 9% 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.