Is 48617, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, 48617 was a Neutral Market.
Key Takeaway
48617 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48617, MI
How much do homes in 48617, MI cost?
Median Sold Price
$227,000
$135/sqft
Based on all homes sold in April 2024.
Difference Since Last Month
Key Takeaway
Homes in 48617 have sold for 4.4% less than they did a month ago.
Summary: The median home sold price in 48617 was $227,000 in April 2024, down 4.4% from last month, and the median price per square foot was $135.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $240K | - | N/A |
| 2 Bedrooms | - | - | N/A |
| 3 Bedrooms | $235K | $227K | -3.4% |
| 4 Bedrooms | - | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: 48617 housing prices by bedroom type for April 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes decreased by 3.4%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Zip Codes
| 48878 | $115K | $154.5K | +34.3% |
| 48617 | $237.5K | $227K | -4.4% |
Housing Supply in 48617, MI
How many homes are available in 48617, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 14 | 17 | +21.4% |
Summary: The 48617 real estate market had 17 homes for sale in April 2024, a 21.4% 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 | 1 | 2 | +100.0% |
| 3 Bedrooms | 9 | 12 | +33.3% |
| 4 Bedrooms | 2 | 2 | 0.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The 48617 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 100%, 3 bedroom homes increased by 33.3%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 2 | 3 | +50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 48617, you may be able to get a good deal. 33.3% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in 48617 in April 2024, up by 50.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 33% were sold at asking, and 33% were sold over asking.
Days on Market for 48617, MI
How long does it take to sell a home in 48617, MI?
Average Sale Time
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 92 Days | 49 Days | -46.0% |
Summary: Homes in 48617 had an average of 49 days on market in Apr 2024, down by 46% compared to last month.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 48617 has remained consistent over time.
Summary: During April 2024, 3 homes were sold in 48617; 33% of homes were sold within 30 days, 67% of homes were sold within 30 to 90 days, and 0% 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.