Is 48302, 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, 48302 was a Seller's Market.
Housing Prices in 48302, MI
How much do homes in 48302, MI cost?
Median Sold Price
$681,000
$228/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 48302 was $681,000 in March 2024, up 16.4% from last year, and the median price per square foot was $228.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $1.9M | - | N/A |
2 Bedrooms | $235K | $187.5K | -20.2% |
3 Bedrooms | $444.2K | $528.5K | +19.0% |
4 Bedrooms | $610K | $708.5K | +16.2% |
5+ Bedrooms | $1.3M | $922.5K | -31.7% |
Summary: 48302 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 decreased by 20.2%, 3 bedroom homes increased by 19%, 4 bedroom homes increased by 16.2%, and 5+ bedroom homes decreased by 31.7%.
Housing Supply in 48302, MI
How many homes are available in 48302, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
56 | 73 | +30.4% |
Summary: The 48302 real estate market had 73 homes for sale in March 2024, a 30.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 4 | 8 | +100.0% |
3 Bedrooms | 17 | 21 | +23.5% |
4 Bedrooms | 23 | 30 | +30.4% |
5+ Bedrooms | 11 | 13 | +18.2% |
Summary: The 48302 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 100%, 3 bedroom homes increased by 23.5%, 4 bedroom homes increased by 30.4%, and 5+ bedroom homes increased by 18.2%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
12 | 10 | -16.7% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 10 homes were sold or pending in 48302 in March 2024, down by 16.7% month-over-month. Of the 10 sold homes, 50% were sold under asking, 10% were sold at asking, and 40% were sold over asking.
Days on Market for 48302, MI
How long does it take to sell a home in 48302, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
115 Days | 25 Days | -78.0% |
Summary: Homes in 48302 had an average of 25 days on market in Mar 2024, down by 78% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 10 homes were sold in 48302; 90% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.