Is 48651, 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, 48651 has remained a Seller's Market.
Key Takeaway
48651 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48651, MI
How much do homes in 48651, MI cost?
Median Sold Price
$223,500
$150/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48651 have sold for 31.9% more than they did a year ago.
Summary: The median home sold price in 48651 was $223,500 in April 2024, up 31.9% from last year, and the median price per square foot was $150.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $86K | $152K | +76.7% |
| 2 Bedrooms | $144.5K | $144.8K | 0.2% |
| 3 Bedrooms | $182K | $235K | +29.1% |
| 4 Bedrooms | $233K | $254.5K | +9.2% |
| 5+ Bedrooms | $244.9K | $627.5K | +156.2% |
Summary: 48651 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 76.7%, 2 bedroom homes increased by 0.2%, 3 bedroom homes increased by 29.1%, 4 bedroom homes increased by 9.2%, and 5+ bedroom homes increased by 156.2%.
Housing Supply in 48651, MI
How many homes are available in 48651, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 43 | 53 | +23.3% |
Summary: The 48651 real estate market had 53 homes for sale in April 2024, a 23.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 16 | 19 | +18.8% |
| 3 Bedrooms | 20 | 25 | +25.0% |
| 4 Bedrooms | 6 | 7 | +16.7% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The 48651 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 18.8%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 8 | 11 | +37.5% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 48651, you may be able to get a good deal. 72.7% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in 48651 in April 2024, up by 37.5% month-over-month. Of the 11 sold homes, 73% were sold under asking, 18% were sold at asking, and 9% were sold over asking.
Days on Market for 48651, MI
How long does it take to sell a home in 48651, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 129 Days | 75 Days | -41.9% |
Summary: Homes in 48651 had an average of 75 days on market in Apr 2024, down by 41.9% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 48651 has remained consistent over time.
Summary: During April 2024, 11 homes were sold in 48651; 0% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
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