Is 48506, 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, 48506 has remained a Seller's Market.
Housing Prices in 48506, MI
How much do homes in 48506, MI cost?
Median Sold Price
$86,000
$80/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 48506 was $86,000 in March 2024, down 11.3% from last year, and the median price per square foot was $80.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $29.7K | $25K | -15.8% |
2 Bedrooms | $51K | $42.5K | -16.7% |
3 Bedrooms | $112K | $109.9K | -1.8% |
4 Bedrooms | $140K | $166.7K | +19.1% |
5+ Bedrooms | $324.5K | $190K | -41.4% |
Summary: 48506 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 15.8%, 2 bedroom homes decreased by 16.7%, 3 bedroom homes decreased by 1.8%, 4 bedroom homes increased by 19.1%, and 5+ bedroom homes decreased by 41.4%.
Housing Supply in 48506, MI
How many homes are available in 48506, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
94 | 84 | -10.6% |
Summary: The 48506 real estate market had 84 homes for sale in March 2024, a 10.6% decrease compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 3 | +50.0% |
2 Bedrooms | 28 | 24 | -14.3% |
3 Bedrooms | 58 | 49 | -15.5% |
4 Bedrooms | 4 | 6 | +50.0% |
5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The 48506 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 14.3%, 3 bedroom homes decreased by 15.5%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
28 | 17 | -39.3% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 17 homes were sold or pending in 48506 in March 2024, down by 39.3% 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 48506, MI
How long does it take to sell a home in 48506, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
65 Days | 66 Days | +1.8% |
Summary: Homes in 48506 had an average of 66 days on market in Mar 2024, up by 1.8% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Summary: During March 2024, 17 homes were sold in 48506; 29% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 35% of homes were sold over 90 days.