Is 48706, 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, 48706 has remained a Seller's Market.
Key Takeaway
48706 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48706, MI
How much do homes in 48706, MI cost?
Median Sold Price
$145,000
$118/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48706 have sold for 9.4% less than they did a year ago.
Summary: The median home sold price in 48706 was $145,000 in April 2024, down 9.4% from last year, and the median price per square foot was $118.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $48.5K | $55.5K | +14.4% |
| 2 Bedrooms | $120K | $116.9K | -2.6% |
| 3 Bedrooms | $165K | $172K | +4.2% |
| 4 Bedrooms | $190K | $161.6K | -14.9% |
| 5+ Bedrooms | $437K | $235K | -46.2% |
Summary: 48706 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.4%, 2 bedroom homes decreased by 2.6%, 3 bedroom homes increased by 4.2%, 4 bedroom homes decreased by 14.9%, and 5+ bedroom homes decreased by 46.2%.
Median Sold Price Compared To Nearby Zip Codes
| 48708 | $101K | $120K | +18.8% |
| 48611 | $190K | $199K | +4.7% |
| 48706 | $160K | $145K | -9.4% |
Housing Supply in 48706, MI
How many homes are available in 48706, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 67 | 88 | +31.3% |
Summary: The 48706 real estate market had 88 homes for sale in April 2024, a 31.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 16 | 15 | -6.3% |
| 3 Bedrooms | 31 | 47 | +51.6% |
| 4 Bedrooms | 15 | 21 | +40.0% |
| 5+ Bedrooms | 3 | 2 | -33.3% |
Summary: The 48706 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 6.3%, 3 bedroom homes increased by 51.6%, 4 bedroom homes increased by 40%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 10 | 18 | +80.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48706, you could pay more than the asking price. 38.9% of homes here sold above asking price last month.
Summary: A total of 18 homes were sold or pending in 48706 in April 2024, up by 80.0% month-over-month. Of the 18 sold homes, 33% were sold under asking, 28% were sold at asking, and 39% were sold over asking.
Days on Market for 48706, MI
How long does it take to sell a home in 48706, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 22 Days | 31 Days | +41.4% |
Summary: Homes in 48706 had an average of 31 days on market in Apr 2024, up by 41.4% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48706 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 18 homes were sold in 48706; 78% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 11% 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.