Is 48423, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, 48423 has remained a Seller's Market.
Key Takeaway
48423 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48423, MI
How much do homes in 48423, MI cost?
Median Sold Price
$242,437
$163/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48423 have sold for 3.2% more than they did a year ago.
Summary: The median home sold price in 48423 was $242,437 in April 2024, up 3.2% from last year, and the median price per square foot was $163.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $102.5K | $198K | +93.2% |
| 2 Bedrooms | $158.5K | $193.5K | +22.1% |
| 3 Bedrooms | $229.9K | $240.7K | +4.7% |
| 4 Bedrooms | $289.9K | $303K | +4.5% |
| 5+ Bedrooms | $291.1K | $374.9K | +28.8% |
Summary: 48423 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 93.2%, 2 bedroom homes increased by 22.1%, 3 bedroom homes increased by 4.7%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 28.8%.
Housing Supply in 48423, MI
How many homes are available in 48423, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 77 | 97 | +26.0% |
Summary: The 48423 real estate market had 97 homes for sale in April 2024, a 26.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 9 | 9 | 0.0% |
| 3 Bedrooms | 38 | 51 | +34.2% |
| 4 Bedrooms | 24 | 29 | +20.8% |
| 5+ Bedrooms | 5 | 7 | +40.0% |
Summary: The 48423 housing inventory by bedroom type for April 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 34.2%, 4 bedroom homes increased by 20.8%, and 5+ bedroom homes increased by 40%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 18 | 31 | +72.2% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48423, you could pay more than the asking price. 45.2% of homes here sold above asking price last month.
Summary: A total of 31 homes were sold or pending in 48423 in April 2024, up by 72.2% month-over-month. Of the 31 sold homes, 39% were sold under asking, 16% were sold at asking, and 45% were sold over asking.
Days on Market for 48423, MI
How long does it take to sell a home in 48423, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 60 Days | 22 Days | -62.8% |
Summary: Homes in 48423 had an average of 22 days on market in Apr 2024, down by 62.8% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48423 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 31 homes were sold in 48423; 74% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.