Is 48820, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48820 is a seller's market

Buyer's
Market

Difference Since February 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

$154/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$23,666(+6.9%)

Key Takeaway

Homes in 48820 have sold for 6.9% more than they did a year ago.

Summary: The median home sold price in 48820 was $365,000 in February 2024, up 6.9% from last year, and the median price per square foot was $154.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 -$189K
N/A
2 $215K$221.5K
+3.0%
3 $277.4K$295.4K
+6.5%
4 $395K$405.5K
+2.7%
5+ $478K$505K
+5.6%

Summary: 48820 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3%, 3 bedroom homes increased by 6.5%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes increased by 5.6%.

Median Sold Price Compared To Nearby Zip Codes

48808
+17.2%
48879
+8.7%
48820
+6.9%
48906
+1.8%
48837
-4.0%

Housing Supply in 48820, MI

How many homes are available in 48820, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
3139+25.8%

Summary: The 48820 real estate market had 39 homes for sale in February 2024, a 25.8% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 01
+100.0%
3 1419
+35.7%
4 1414
0.0%
5+ 35
+66.7%

Summary: The 48820 housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 35.7%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 66.7%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
212+500.0%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48820, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 12 homes were sold or pending in 48820 in February 2024, up by 500.0% month-over-month. Of the 12 sold homes, 67% were sold under asking, 25% were sold at asking, and 8% 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

Feb 2023Feb 2024CHANGE
69 Days52 Days-24.9%

Summary: Homes in 48820 had an average of 52 days on market in Feb 2024, down by 24.9% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48820 are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 12 homes were sold in 48820; 42% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in 48820, MI

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