Is 48831, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, 48831 has remained a Seller's Market.
Key Takeaway
48831 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48831, MI
How much do homes in 48831, MI cost?
Median Sold Price
$233,000
$143/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in 48831 have sold for 55.9% more than they did a month ago.
Summary: The median home sold price in 48831 was $233,000 in March 2024, up 55.9% from last month, and the median price per square foot was $143.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $122K | $136K | +11.5% |
| 3 Bedrooms | $131K | $395K | +201.5% |
| 4 Bedrooms | $445K | $225K | -49.4% |
| 5+ Bedrooms | - | - | N/A |
Summary: 48831 housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 11.5%, 3 bedroom homes increased by 201.5%, 4 bedroom homes decreased by 49.4%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Zip Codes
| 48831 | $149.5K | $233K | +55.9% |
| 48649 | $115K | $129.5K | +12.6% |
Housing Supply in 48831, MI
How many homes are available in 48831, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 11 | 7 | -36.4% |
Summary: The 48831 real estate market had 7 homes for sale in March 2024, a 36.4% 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 | 2 | 1 | -50.0% |
| 3 Bedrooms | 4 | 2 | -50.0% |
| 4 Bedrooms | 4 | 3 | -25.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The 48831 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 decreased by 50%, 3 bedroom homes decreased by 50%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 4 | 4 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48831, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in 48831 in March 2024, the same as the previous month. Of the 4 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for 48831, MI
How long does it take to sell a home in 48831, MI?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 45 Days | 69 Days | +53.3% |
Summary: Homes in 48831 had an average of 69 days on market in Mar 2024, up by 53.3% compared to last month.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in 48831 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 4 homes were sold in 48831; 25% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 50% 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.
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.