Is 48505, 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, 48505 has remained a Seller's Market.
Key Takeaway
48505 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48505, MI
How much do homes in 48505, MI cost?
Median Sold Price
$25,000
$25/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48505 have sold for 24.8% less than they did a year ago.
Summary: The median home sold price in 48505 was $25,000 in April 2024, down 24.8% from last year, and the median price per square foot was $25.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $20.8K | $16K | -23.4% |
| 2 Bedrooms | $27K | $16.8K | -37.8% |
| 3 Bedrooms | $32.7K | $25K | -23.7% |
| 4 Bedrooms | $41.9K | $47.9K | +14.3% |
| 5+ Bedrooms | - | $45.5K | N/A |
Summary: 48505 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 23.4%, 2 bedroom homes decreased by 37.8%, 3 bedroom homes decreased by 23.7%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes did not change.
Housing Supply in 48505, MI
How many homes are available in 48505, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 41 | 46 | +12.2% |
Summary: The 48505 real estate market had 46 homes for sale in April 2024, a 12.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 12 | 17 | +41.7% |
| 3 Bedrooms | 23 | 23 | 0.0% |
| 4 Bedrooms | 4 | 5 | +25.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The 48505 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 41.7%, 3 bedroom homes remained the same, 4 bedroom homes increased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 12 | 8 | -33.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 48505, you may be able to get a good deal. 62.5% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in 48505 in April 2024, down by 33.3% month-over-month. Of the 8 sold homes, 63% were sold under asking, 25% were sold at asking, and 13% were sold over asking.
Days on Market for 48505, MI
How long does it take to sell a home in 48505, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 88 Days | 54 Days | -38.5% |
Summary: Homes in 48505 had an average of 54 days on market in Apr 2024, down by 38.5% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 48505 has remained consistent over time.
Summary: During April 2024, 8 homes were sold in 48505; 38% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 13% 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.