Is 48838, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, 48838 was a Seller's Market.
Key Takeaway
48838 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 48838, MI
How much do homes in 48838, MI cost?
Median Sold Price
$246,000
$179/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48838 have sold for 13.4% more than they did a year ago.
Summary: The median home sold price in 48838 was $246,000 in March 2024, up 13.4% from last year, and the median price per square foot was $179.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $322.9K | $84K | -74.0% |
| 2 Bedrooms | $165K | $187K | +13.3% |
| 3 Bedrooms | $210.4K | $242K | +15.0% |
| 4 Bedrooms | $239.5K | $289.9K | +21.0% |
| 5+ Bedrooms | $377.5K | $316K | -16.3% |
Summary: 48838 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 74%, 2 bedroom homes increased by 13.3%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 21%, and 5+ bedroom homes decreased by 16.3%.
Housing Supply in 48838, MI
How many homes are available in 48838, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 38 | 48 | +26.3% |
Summary: The 48838 real estate market had 48 homes for sale in March 2024, a 26.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 9 | 9 | 0.0% |
| 3 Bedrooms | 16 | 18 | +12.5% |
| 4 Bedrooms | 10 | 18 | +80.0% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The 48838 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes remained the same, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 80%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 10 | 8 | -20.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48838, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in 48838 in March 2024, down by 20.0% month-over-month. Of the 8 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for 48838, MI
How long does it take to sell a home in 48838, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 63 Days | 16 Days | -74.3% |
Summary: Homes in 48838 had an average of 16 days on market in Mar 2024, down by 74.3% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48838 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 8 homes were sold in 48838; 75% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
