Is 48850, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, 48850 was a Neutral Market.
Key Takeaway
48850 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48850, MI
How much do homes in 48850, MI cost?
Median Sold Price
$200,500
$152/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48850 have sold for 1.2% less than they did a year ago.
Summary: The median home sold price in 48850 was $200,500 in April 2024, down 1.2% from last year, and the median price per square foot was $152.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $170K | $132.5K | -22.1% |
| 2 Bedrooms | $190K | $152.5K | -19.8% |
| 3 Bedrooms | $201K | $203.5K | +1.2% |
| 4 Bedrooms | $291K | $332.5K | +14.3% |
| 5+ Bedrooms | $225K | $185K | -17.8% |
Summary: 48850 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 22.1%, 2 bedroom homes decreased by 19.8%, 3 bedroom homes increased by 1.2%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes decreased by 17.8%.
Median Sold Price Compared To Nearby Zip Codes
| 48888 | $175K | $220K | +25.7% |
| 48850 | $203K | $200.5K | -1.2% |
Housing Supply in 48850, MI
How many homes are available in 48850, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 12 | 11 | -8.3% |
Summary: The 48850 real estate market had 11 homes for sale in April 2024, a 8.3% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 4 | 4 | 0.0% |
| 3 Bedrooms | 3 | 4 | +33.3% |
| 4 Bedrooms | 2 | 2 | 0.0% |
| 5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The 48850 housing inventory by bedroom type for April 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 33.3%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 5 | 4 | -20.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 48850, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 4 homes were sold or pending in 48850 in April 2024, down by 20.0% month-over-month. Of the 4 sold homes, 25% were sold under asking, 50% were sold at asking, and 25% were sold over asking.
Days on Market for 48850, MI
How long does it take to sell a home in 48850, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 12 Days | 6 Days | -45.8% |
Summary: Homes in 48850 had an average of 6 days on market in Apr 2024, down by 45.8% compared to last year.
Breakdown of Home Sale Times
4 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 48850 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 4 homes were sold in 48850; 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.
