Is 48238, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, 48238 was a Seller's Market.
Key Takeaway
48238 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 48238, MI
How much do homes in 48238, MI cost?
Median Sold Price
$59,000
$47/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48238 have sold for 18% more than they did a year ago.
Summary: The median home sold price in 48238 was $59,000 in April 2024, up 18% from last year, and the median price per square foot was $47.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $7.5K | $32K | +326.7% |
| 3 Bedrooms | $45.5K | $65K | +42.9% |
| 4 Bedrooms | $99K | $59.2K | -40.2% |
| 5+ Bedrooms | $70K | $85K | +21.4% |
Summary: 48238 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 326.7%, 3 bedroom homes increased by 42.9%, 4 bedroom homes decreased by 40.2%, and 5+ bedroom homes increased by 21.4%.
Housing Supply in 48238, MI
How many homes are available in 48238, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 124 | 135 | +8.9% |
Summary: The 48238 real estate market had 135 homes for sale in April 2024, a 8.9% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 10 | 10 | 0.0% |
| 3 Bedrooms | 78 | 82 | +5.1% |
| 4 Bedrooms | 28 | 34 | +21.4% |
| 5+ Bedrooms | 7 | 8 | +14.3% |
Summary: The 48238 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 remained the same, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 21.4%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 17 | 18 | +5.9% |
Asking Price vs. Sold Price
11 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 48238, you may be able to get a good deal. 61.1% of homes here sold below asking price last month.
Summary: A total of 18 homes were sold or pending in 48238 in April 2024, up by 5.9% month-over-month. Of the 18 sold homes, 61% were sold under asking, 17% were sold at asking, and 22% were sold over asking.
Days on Market for 48238, MI
How long does it take to sell a home in 48238, MI?
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48238 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 18 homes were sold in 48238; 67% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 28% 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.