Is 48304, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, 48304 has remained a Seller's Market.
Housing Prices in 48304, MI
How much do homes in 48304, MI cost?
Median Sold Price
$462,125
$213/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 48304 was $462,125 in March 2024, up 1.7% from last year, and the median price per square foot was $213.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $112.9K | $120K | +6.2% |
2 Bedrooms | $319K | $256K | -19.7% |
3 Bedrooms | $416.5K | $444.9K | +6.8% |
4 Bedrooms | $560K | $622.4K | +11.2% |
5+ Bedrooms | $1.4M | $897.5K | -35.9% |
Summary: 48304 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.2%, 2 bedroom homes decreased by 19.7%, 3 bedroom homes increased by 6.8%, 4 bedroom homes increased by 11.2%, and 5+ bedroom homes decreased by 35.9%.
Housing Supply in 48304, MI
How many homes are available in 48304, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
73 | 80 | +9.6% |
Summary: The 48304 real estate market had 80 homes for sale in March 2024, a 9.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 4 | -33.3% |
2 Bedrooms | 9 | 12 | +33.3% |
3 Bedrooms | 20 | 26 | +30.0% |
4 Bedrooms | 24 | 22 | -8.3% |
5+ Bedrooms | 14 | 16 | +14.3% |
Summary: The 48304 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 30%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
16 | 23 | +43.8% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 23 homes were sold or pending in 48304 in March 2024, up by 43.8% month-over-month. Of the 23 sold homes, 70% were sold under asking, 9% were sold at asking, and 22% were sold over asking.
Days on Market for 48304, MI
How long does it take to sell a home in 48304, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
144 Days | 39 Days | -72.5% |
Summary: Homes in 48304 had an average of 39 days on market in Mar 2024, down by 72.5% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During March 2024, 23 homes were sold in 48304; 57% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.