Is 48602, 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, 48602 has remained a Seller's Market.
Housing Prices in 48602, MI
How much do homes in 48602, MI cost?
Median Sold Price
$81,513
$72/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in 48602 was $81,513 in April 2024, up 8.7% from last year, and the median price per square foot was $72.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $46.5K | $48.5K | +4.3% |
2 Bedrooms | $54K | $65.7K | +21.8% |
3 Bedrooms | $80.9K | $85.5K | +5.6% |
4 Bedrooms | $83K | $98.3K | +18.4% |
5+ Bedrooms | $180.2K | $108K | -40.1% |
Summary: 48602 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.3%, 2 bedroom homes increased by 21.8%, 3 bedroom homes increased by 5.6%, 4 bedroom homes increased by 18.4%, and 5+ bedroom homes decreased by 40.1%.
Housing Supply in 48602, MI
How many homes are available in 48602, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
94 | 99 | +5.3% |
Summary: The 48602 real estate market had 99 homes for sale in April 2024, a 5.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 1 | -50.0% |
2 Bedrooms | 26 | 29 | +11.5% |
3 Bedrooms | 48 | 49 | +2.1% |
4 Bedrooms | 14 | 16 | +14.3% |
5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The 48602 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 11.5%, 3 bedroom homes increased by 2.1%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
18 | 31 | +72.2% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 31 homes were sold or pending in 48602 in April 2024, up by 72.2% month-over-month. Of the 31 sold homes, 61% were sold under asking, 13% were sold at asking, and 26% were sold over asking.
Days on Market for 48602, MI
How long does it take to sell a home in 48602, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
157 Days | 46 Days | -70.7% |
Summary: Homes in 48602 had an average of 46 days on market in Apr 2024, down by 70.7% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During April 2024, 31 homes were sold in 48602; 42% of homes were sold within 30 days, 42% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.