Is 48638, 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, 48638 has remained a Seller's Market.
Key Takeaway
48638 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48638, MI
How much do homes in 48638, MI cost?
Median Sold Price
$184,775
$117/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48638 have sold for 8.7% more than they did a year ago.
Summary: The median home sold price in 48638 was $184,775 in March 2024, up 8.7% from last year, and the median price per square foot was $117.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $49.9K | $52K | +4.2% |
| 2 Bedrooms | $85K | $112K | +31.8% |
| 3 Bedrooms | $170K | $185K | +8.8% |
| 4 Bedrooms | $222K | $220K | -0.9% |
| 5+ Bedrooms | $300K | $308.5K | +2.8% |
Summary: 48638 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.2%, 2 bedroom homes increased by 31.8%, 3 bedroom homes increased by 8.8%, 4 bedroom homes decreased by 0.9%, and 5+ bedroom homes increased by 2.8%.
Housing Supply in 48638, MI
How many homes are available in 48638, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 42 | 43 | +2.4% |
Summary: The 48638 real estate market had 43 homes for sale in March 2024, a 2.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 8 | 5 | -37.5% |
| 3 Bedrooms | 24 | 25 | +4.2% |
| 4 Bedrooms | 9 | 12 | +33.3% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 48638 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 37.5%, 3 bedroom homes increased by 4.2%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 10 | 15 | +50.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48638, you may be able to get a good deal. 46.7% of homes here sold below asking price last month.
Summary: A total of 15 homes were sold or pending in 48638 in March 2024, up by 50.0% month-over-month. Of the 15 sold homes, 47% were sold under asking, 7% were sold at asking, and 47% were sold over asking.
Days on Market for 48638, MI
How long does it take to sell a home in 48638, MI?
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48638 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 15 homes were sold in 48638; 47% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 27% of homes were sold over 90 days.
