Is 48316, 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, 48316 has remained a Seller's Market.
Housing Prices in 48316, MI
How much do homes in 48316, MI cost?
Median Sold Price
$375,000
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 48316 was $375,000 in March 2024, up 9.6% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $176.5K | - | N/A |
2 Bedrooms | $229.9K | $249.2K | +8.4% |
3 Bedrooms | $323K | $350K | +8.4% |
4 Bedrooms | $575K | $555.5K | -3.4% |
5+ Bedrooms | $542.5K | $670K | +23.5% |
Summary: 48316 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 increased by 8.4%, 3 bedroom homes increased by 8.4%, 4 bedroom homes decreased by 3.4%, and 5+ bedroom homes increased by 23.5%.
Housing Supply in 48316, MI
How many homes are available in 48316, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
50 | 60 | +20.0% |
Summary: The 48316 real estate market had 60 homes for sale in March 2024, a 20.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 12 | 11 | -8.3% |
3 Bedrooms | 13 | 22 | +69.2% |
4 Bedrooms | 18 | 22 | +22.2% |
5+ Bedrooms | 7 | 5 | -28.6% |
Summary: The 48316 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 decreased by 8.3%, 3 bedroom homes increased by 69.2%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes decreased by 28.6%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
15 | 13 | -13.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Summary: A total of 13 homes were sold or pending in 48316 in March 2024, down by 13.3% month-over-month. Of the 13 sold homes, 38% were sold under asking, 15% were sold at asking, and 46% were sold over asking.
Days on Market for 48316, MI
How long does it take to sell a home in 48316, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
124 Days | 33 Days | -73.0% |
Summary: Homes in 48316 had an average of 33 days on market in Mar 2024, down by 73% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During March 2024, 13 homes were sold in 48316; 69% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.