Is 48503, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, 48503 was a Seller's Market.
Key Takeaway
48503 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 48503, MI
How much do homes in 48503, MI cost?
Median Sold Price
$74,500
$63/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48503 have sold for 7.3% less than they did a year ago.
Summary: The median home sold price in 48503 was $74,500 in April 2024, down 7.3% from last year, and the median price per square foot was $63.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $48K | $21.7K | -54.7% |
| 2 Bedrooms | $50K | $48K | -4.0% |
| 3 Bedrooms | $95K | $85K | -10.5% |
| 4 Bedrooms | $100K | $120.5K | +20.5% |
| 5+ Bedrooms | $160K | $106K | -33.8% |
Summary: 48503 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 54.7%, 2 bedroom homes decreased by 4%, 3 bedroom homes decreased by 10.5%, 4 bedroom homes increased by 20.5%, and 5+ bedroom homes decreased by 33.8%.
Housing Supply in 48503, MI
How many homes are available in 48503, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 92 | 107 | +16.3% |
Summary: The 48503 real estate market had 107 homes for sale in April 2024, a 16.3% 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 | 30 | 34 | +13.3% |
| 3 Bedrooms | 38 | 45 | +18.4% |
| 4 Bedrooms | 16 | 19 | +18.8% |
| 5+ Bedrooms | 7 | 8 | +14.3% |
Summary: The 48503 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 13.3%, 3 bedroom homes increased by 18.4%, 4 bedroom homes increased by 18.8%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 18 | 17 | -5.6% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48503, you may be able to get a good deal. 52.9% of homes here sold below asking price last month.
Summary: A total of 17 homes were sold or pending in 48503 in April 2024, down by 5.6% month-over-month. Of the 17 sold homes, 53% were sold under asking, 18% were sold at asking, and 29% were sold over asking.
Days on Market for 48503, MI
How long does it take to sell a home in 48503, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 56 Days | 22 Days | -59.9% |
Summary: Homes in 48503 had an average of 22 days on market in Apr 2024, down by 59.9% 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 48503 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 17 homes were sold in 48503; 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.
