Is 48820, 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, 48820 has remained a Seller's Market.
Key Takeaway
48820 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48820, MI
How much do homes in 48820, MI cost?
Median Sold Price
$365,000
$156/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48820 have sold for 6.7% more than they did a year ago.
Summary: The median home sold price in 48820 was $365,000 in March 2024, up 6.7% from last year, and the median price per square foot was $156.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $189K | N/A |
| 2 Bedrooms | $215K | $221.7K | +3.1% |
| 3 Bedrooms | $282.5K | $295.4K | +4.6% |
| 4 Bedrooms | $397.4K | $420K | +5.7% |
| 5+ Bedrooms | $484.9K | $493K | +1.7% |
Summary: 48820 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3.1%, 3 bedroom homes increased by 4.6%, 4 bedroom homes increased by 5.7%, and 5+ bedroom homes increased by 1.7%.
Housing Supply in 48820, MI
How many homes are available in 48820, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 41 | 36 | -12.2% |
Summary: The 48820 real estate market had 36 homes for sale in March 2024, a 12.2% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 2 | +100.0% |
| 3 Bedrooms | 21 | 14 | -33.3% |
| 4 Bedrooms | 15 | 14 | -6.7% |
| 5+ Bedrooms | 4 | 6 | +50.0% |
Summary: The 48820 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 increased by 100%, 3 bedroom homes decreased by 33.3%, 4 bedroom homes decreased by 6.7%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 15 | 12 | -20.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48820, you could pay more than the asking price. 58.3% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in 48820 in March 2024, down by 20.0% month-over-month. Of the 12 sold homes, 25% were sold under asking, 17% were sold at asking, and 58% were sold over asking.
Days on Market for 48820, MI
How long does it take to sell a home in 48820, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 8 Days | 1 Days | -78.3% |
Summary: Homes in 48820 had an average of 1 days on market in Mar 2024, down by 78.3% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48820 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 12 homes were sold in 48820; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.