Is 48640, 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, 48640 has remained a Seller's Market.
Key Takeaway
48640 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48640, MI
How much do homes in 48640, MI cost?
Median Sold Price
$224,000
$144/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48640 have sold for 12% more than they did a year ago.
Summary: The median home sold price in 48640 was $224,000 in April 2024, up 12% from last year, and the median price per square foot was $144.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $52K | $63.5K | +22.1% |
| 2 Bedrooms | $137K | $135K | -1.5% |
| 3 Bedrooms | $188K | $182K | -3.2% |
| 4 Bedrooms | $248.5K | $288K | +15.9% |
| 5+ Bedrooms | $360K | $396.5K | +10.1% |
Summary: 48640 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.1%, 2 bedroom homes decreased by 1.5%, 3 bedroom homes decreased by 3.2%, 4 bedroom homes increased by 15.9%, and 5+ bedroom homes increased by 10.1%.
Housing Supply in 48640, MI
How many homes are available in 48640, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 28 | 27 | -3.6% |
Summary: The 48640 real estate market had 27 homes for sale in April 2024, a 3.6% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 7 | +75.0% |
| 3 Bedrooms | 15 | 15 | 0.0% |
| 4 Bedrooms | 6 | 2 | -66.7% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The 48640 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 75%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 66.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 8 | 9 | +12.5% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48640, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in 48640 in April 2024, up by 12.5% month-over-month. Of the 9 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market for 48640, MI
How long does it take to sell a home in 48640, MI?
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48640 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 9 homes were sold in 48640; 78% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 22% 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.