Is 48420, 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, 48420 has remained a Seller's Market.
Housing Prices in 48420, MI
How much do homes in 48420, MI cost?
Median Sold Price
$190,000
$135/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 48420 was $190,000 in March 2024, up 2.7% from last year, and the median price per square foot was $135.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $87K | $79.9K | -8.2% |
2 Bedrooms | $165K | $179.9K | +9.0% |
3 Bedrooms | $173.5K | $185K | +6.6% |
4 Bedrooms | $214.9K | $220K | +2.4% |
5+ Bedrooms | $200K | $301K | +50.5% |
Summary: 48420 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 8.2%, 2 bedroom homes increased by 9%, 3 bedroom homes increased by 6.6%, 4 bedroom homes increased by 2.4%, and 5+ bedroom homes increased by 50.5%.
Housing Supply in 48420, MI
How many homes are available in 48420, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
68 | 75 | +10.3% |
Summary: The 48420 real estate market had 75 homes for sale in March 2024, a 10.3% 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 | 24 | 25 | +4.2% |
3 Bedrooms | 31 | 35 | +12.9% |
4 Bedrooms | 8 | 12 | +50.0% |
5+ Bedrooms | 5 | 3 | -40.0% |
Summary: The 48420 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 increased by 4.2%, 3 bedroom homes increased by 12.9%, 4 bedroom homes increased by 50%, and 5+ bedroom homes decreased by 40%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
12 | 18 | +50.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 18 homes were sold or pending in 48420 in March 2024, up by 50.0% month-over-month. Of the 18 sold homes, 33% were sold under asking, 22% were sold at asking, and 44% were sold over asking.
Days on Market for 48420, MI
How long does it take to sell a home in 48420, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
113 Days | 55 Days | -51.3% |
Summary: Homes in 48420 had an average of 55 days on market in Mar 2024, down by 51.3% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During March 2024, 18 homes were sold in 48420; 44% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.