Is 48416, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, 48416 was a Neutral Market.
Key Takeaway
48416 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 48416, MI
How much do homes in 48416, MI cost?
Median Sold Price
$311,000
$186/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48416 have sold for 78.7% more than they did a year ago.
Summary: The median home sold price in 48416 was $311,000 in March 2024, up 78.7% from last year, and the median price per square foot was $186.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $55K | - | N/A |
| 2 Bedrooms | $132.7K | $145K | +9.2% |
| 3 Bedrooms | $200K | $325K | +62.5% |
| 4 Bedrooms | $167.5K | $259.9K | +55.2% |
| 5+ Bedrooms | $282K | $304.4K | +8.0% |
Summary: 48416 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 9.2%, 3 bedroom homes increased by 62.5%, 4 bedroom homes increased by 55.2%, and 5+ bedroom homes increased by 8%.
Median Sold Price Compared To Nearby Zip Codes
| 48416 | $174K | $311K | +78.7% |
| 48453 | $162.5K | $161.5K | -0.6% |
Housing Supply in 48416, MI
How many homes are available in 48416, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 15 | 16 | +6.7% |
Summary: The 48416 real estate market had 16 homes for sale in March 2024, a 6.7% 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 | 0 | 0 | 0.0% |
| 3 Bedrooms | 11 | 12 | +9.1% |
| 4 Bedrooms | 4 | 4 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 48416 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 remained the same, 3 bedroom homes increased by 9.1%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1 | 2 | +100.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48416, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in 48416 in March 2024, up by 100.0% month-over-month. Of the 2 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for 48416, MI
How long does it take to sell a home in 48416, MI?
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 48416 has remained consistent over time.
Summary: During March 2024, 2 homes were sold in 48416; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.