Is 48847, 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, 48847 has remained a Neutral Market.
Key Takeaway
48847 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 48847, MI
How much do homes in 48847, MI cost?
Median Sold Price
$165,000
$106/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48847 have sold for 10% more than they did a year ago.
Summary: The median home sold price in 48847 was $165,000 in April 2024, up 10% from last year, and the median price per square foot was $106.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $149K | $95K | -36.2% |
| 3 Bedrooms | $121K | $164.2K | +35.8% |
| 4 Bedrooms | $170.5K | $167.5K | -1.8% |
| 5+ Bedrooms | $168K | $175K | +4.2% |
Summary: 48847 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 36.2%, 3 bedroom homes increased by 35.8%, 4 bedroom homes decreased by 1.8%, and 5+ bedroom homes increased by 4.2%.
Median Sold Price Compared To Nearby Zip Codes
| 48801 | $139K | $162K | +16.5% |
| 48847 | $150K | $165K | +10.0% |
Housing Supply in 48847, MI
How many homes are available in 48847, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 7 | 13 | +85.7% |
Summary: The 48847 real estate market had 13 homes for sale in April 2024, a 85.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 3 | +200.0% |
| 3 Bedrooms | 5 | 9 | +80.0% |
| 4 Bedrooms | 0 | 0 | 0.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The 48847 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 200%, 3 bedroom homes increased by 80%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 0 | 2 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 48847, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in 48847 in April 2024, up by 100.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for 48847, MI
How long does it take to sell a home in 48847, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 82 Days | 121 Days | +48.2% |
Summary: Homes in 48847 had an average of 121 days on market in Apr 2024, up by 48.2% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 48847 has remained consistent over time.
Summary: During April 2024, 2 homes were sold in 48847; 0% of homes were sold within 30 days, 50% 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.