Is 48851, 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, 48851 has remained a Seller's Market.
Key Takeaway
48851 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48851, MI
How much do homes in 48851, MI cost?
Median Sold Price
$182,500
$142/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48851 have sold for 34.2% more than they did a year ago.
Summary: The median home sold price in 48851 was $182,500 in April 2024, up 34.2% from last year, and the median price per square foot was $142.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $107K | - | N/A |
| 3 Bedrooms | $77.5K | $181.9K | +134.8% |
| 4 Bedrooms | $270K | $312K | +15.6% |
| 5+ Bedrooms | $215K | $700K | +225.6% |
Summary: 48851 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 did not change, 3 bedroom homes increased by 134.8%, 4 bedroom homes increased by 15.6%, and 5+ bedroom homes increased by 225.6%.
Housing Supply in 48851, MI
How many homes are available in 48851, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 8 | 10 | +25.0% |
Summary: The 48851 real estate market had 10 homes for sale in April 2024, a 25.0% 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 | 1 | 0.0% |
| 3 Bedrooms | 6 | 7 | +16.7% |
| 4 Bedrooms | 1 | 2 | +100.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 48851 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 remained the same, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 1 | 3 | +200.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 48851, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in 48851 in April 2024, up by 200.0% month-over-month. Of the 3 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% were sold over asking.
Days on Market for 48851, MI
How long does it take to sell a home in 48851, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 5 Days | 38 Days | +673.3% |
Summary: Homes in 48851 had an average of 38 days on market in Apr 2024, up by 673.3% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 48851 has remained consistent over time.
Summary: During April 2024, 3 homes were sold in 48851; 33% of homes were sold within 30 days, 67% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
