Is 48348, 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, 48348 has remained a Seller's Market.
Housing Prices in 48348, MI
How much do homes in 48348, MI cost?
Median Sold Price
$480,000
$207/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 48348 was $480,000 in March 2024, down 5.5% from last year, and the median price per square foot was $207.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $245K | $262.5K | +7.1% |
3 Bedrooms | $385K | $400K | +3.9% |
4 Bedrooms | $565K | $580K | +2.7% |
5+ Bedrooms | $640K | $630K | -1.6% |
Summary: 48348 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 7.1%, 3 bedroom homes increased by 3.9%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes decreased by 1.6%.
Housing Supply in 48348, MI
How many homes are available in 48348, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
55 | 50 | -9.1% |
Summary: The 48348 real estate market had 50 homes for sale in March 2024, a 9.1% 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 | 7 | 6 | -14.3% |
3 Bedrooms | 26 | 22 | -15.4% |
4 Bedrooms | 15 | 14 | -6.7% |
5+ Bedrooms | 7 | 8 | +14.3% |
Summary: The 48348 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 14.3%, 3 bedroom homes decreased by 15.4%, 4 bedroom homes decreased by 6.7%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
18 | 9 | -50.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 9 homes were sold or pending in 48348 in March 2024, down by 50.0% month-over-month. Of the 9 sold homes, 22% were sold under asking, 33% were sold at asking, and 44% were sold over asking.
Days on Market for 48348, MI
How long does it take to sell a home in 48348, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
150 Days | 45 Days | -69.8% |
Summary: Homes in 48348 had an average of 45 days on market in Mar 2024, down by 69.8% compared to last year.
Breakdown of Home Sale Times
5 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, 9 homes were sold in 48348; 56% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.