Is 48331, 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, 48331 has remained a Seller's Market.
Key Takeaway
48331 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48331, MI
How much do homes in 48331, MI cost?
Median Sold Price
$410,000
$181/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48331 have sold for 2.8% more than they did a year ago.
Summary: The median home sold price in 48331 was $410,000 in March 2024, up 2.8% from last year, and the median price per square foot was $181.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $237.2K | $250K | +5.4% |
| 3 Bedrooms | $380K | $392.5K | +3.3% |
| 4 Bedrooms | $440.4K | $458.5K | +4.1% |
| 5+ Bedrooms | $467.7K | $550K | +17.6% |
Summary: 48331 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 5.4%, 3 bedroom homes increased by 3.3%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes increased by 17.6%.
Housing Supply in 48331, MI
How many homes are available in 48331, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 41 | 39 | -4.9% |
Summary: The 48331 real estate market had 39 homes for sale in March 2024, a 4.9% decrease 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 | 11 | 9 | -18.2% |
| 3 Bedrooms | 11 | 10 | -9.1% |
| 4 Bedrooms | 18 | 18 | 0.0% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The 48331 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 18.2%, 3 bedroom homes decreased by 9.1%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 15 | 15 | 0.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48331, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 15 homes were sold or pending in 48331 in March 2024, the same as the previous month. Of the 15 sold homes, 20% were sold under asking, 13% were sold at asking, and 67% were sold over asking.
Days on Market for 48331, MI
How long does it take to sell a home in 48331, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 116 Days | 14 Days | -87.6% |
Summary: Homes in 48331 had an average of 14 days on market in Mar 2024, down by 87.6% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48331 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 15 homes were sold in 48331; 93% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
