Is 48451, 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, 48451 has remained a Seller's Market.
Key Takeaway
48451 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48451, MI
How much do homes in 48451, MI cost?
Median Sold Price
$341,000
$202/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48451 have sold for 9.6% more than they did a year ago.
Summary: The median home sold price in 48451 was $341,000 in April 2024, up 9.6% from last year, and the median price per square foot was $202.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $110K | $170K | +54.5% |
| 2 Bedrooms | $260K | $263.5K | +1.3% |
| 3 Bedrooms | $295K | $329.9K | +11.8% |
| 4 Bedrooms | $364.5K | $370K | +1.5% |
| 5+ Bedrooms | $402.5K | $697.5K | +73.3% |
Summary: 48451 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 54.5%, 2 bedroom homes increased by 1.3%, 3 bedroom homes increased by 11.8%, 4 bedroom homes increased by 1.5%, and 5+ bedroom homes increased by 73.3%.
Housing Supply in 48451, MI
How many homes are available in 48451, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 65 | 76 | +16.9% |
Summary: The 48451 real estate market had 76 homes for sale in April 2024, a 16.9% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 9 | +50.0% |
| 3 Bedrooms | 41 | 41 | 0.0% |
| 4 Bedrooms | 18 | 23 | +27.8% |
| 5+ Bedrooms | 0 | 3 | +100.0% |
Summary: The 48451 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 increased by 50%, 3 bedroom homes remained the same, 4 bedroom homes increased by 27.8%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 12 | 17 | +41.7% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48451, you may be able to get a good deal. 58.8% of homes here sold below asking price last month.
Summary: A total of 17 homes were sold or pending in 48451 in April 2024, up by 41.7% month-over-month. Of the 17 sold homes, 59% were sold under asking, 12% were sold at asking, and 29% were sold over asking.
Days on Market for 48451, MI
How long does it take to sell a home in 48451, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 39 Days | 27 Days | -31.9% |
Summary: Homes in 48451 had an average of 27 days on market in Apr 2024, down by 31.9% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48451 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 17 homes were sold in 48451; 76% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
