Is 48229, 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, 48229 has remained a Seller's Market.
Key Takeaway
48229 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48229, MI
How much do homes in 48229, MI cost?
Median Sold Price
$72,250
$72/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48229 have sold for 1% less than they did a year ago.
Summary: The median home sold price in 48229 was $72,250 in April 2024, down 1% from last year, and the median price per square foot was $72.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $58K | - | N/A |
| 2 Bedrooms | $50K | $57.5K | +15.0% |
| 3 Bedrooms | $85K | $78.9K | -7.1% |
| 4 Bedrooms | $83K | $94.7K | +14.2% |
| 5+ Bedrooms | $125.5K | $113.2K | -9.8% |
Summary: 48229 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 15%, 3 bedroom homes decreased by 7.1%, 4 bedroom homes increased by 14.2%, and 5+ bedroom homes decreased by 9.8%.
Housing Supply in 48229, MI
How many homes are available in 48229, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 33 | 33 | 0.0% |
Summary: The 48229 real estate market had 33 homes for sale in April 2024, the same as March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 9 | 11 | +22.2% |
| 3 Bedrooms | 20 | 18 | -10.0% |
| 4 Bedrooms | 3 | 2 | -33.3% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The 48229 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 22.2%, 3 bedroom homes decreased by 10%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 8 | 11 | +37.5% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48229, you could pay more than the asking price. 63.6% of homes here sold above asking price last month.
Summary: A total of 11 homes were sold or pending in 48229 in April 2024, up by 37.5% month-over-month. Of the 11 sold homes, 27% were sold under asking, 9% were sold at asking, and 64% were sold over asking.
Days on Market for 48229, MI
How long does it take to sell a home in 48229, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 8 Days | 71 Days | +789.8% |
Summary: Homes in 48229 had an average of 71 days on market in Apr 2024, up by 789.8% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48229 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 11 homes were sold in 48229; 45% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 36% of homes were sold over 90 days.
