Is 48340, 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, 48340 has remained a Seller's Market.
Key Takeaway
48340 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48340, MI
How much do homes in 48340, MI cost?
Median Sold Price
$130,000
$133/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48340 have sold for 8.3% more than they did a year ago.
Summary: The median home sold price in 48340 was $130,000 in March 2024, up 8.3% from last year, and the median price per square foot was $133.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $51.2K | $175K | +241.5% |
| 2 Bedrooms | $80K | $97.9K | +22.4% |
| 3 Bedrooms | $125K | $135K | +8.0% |
| 4 Bedrooms | $248.4K | $273.4K | +10.1% |
| 5+ Bedrooms | $256.9K | $291.4K | +13.4% |
Summary: 48340 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 241.5%, 2 bedroom homes increased by 22.4%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 10.1%, and 5+ bedroom homes increased by 13.4%.
Housing Supply in 48340, MI
How many homes are available in 48340, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 44 | 42 | -4.5% |
Summary: The 48340 real estate market had 42 homes for sale in March 2024, a 4.5% 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 | 16 | 12 | -25.0% |
| 3 Bedrooms | 23 | 26 | +13.0% |
| 4 Bedrooms | 4 | 4 | 0.0% |
| 5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The 48340 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 25%, 3 bedroom homes increased by 13%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 12 | 13 | +8.3% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48340, expect to pay close to the asking price. 38.5% of homes here sold near the asking price last month.
Summary: A total of 13 homes were sold or pending in 48340 in March 2024, up by 8.3% month-over-month. Of the 13 sold homes, 31% were sold under asking, 38% were sold at asking, and 31% were sold over asking.
Days on Market for 48340, MI
How long does it take to sell a home in 48340, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 13 Days | 44 Days | +232.8% |
Summary: Homes in 48340 had an average of 44 days on market in Mar 2024, up by 232.8% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48340 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 13 homes were sold in 48340; 46% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.
