Is 48855, 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, 48855 has remained a Seller's Market.
Key Takeaway
48855 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48855, MI
How much do homes in 48855, MI cost?
Median Sold Price
$354,250
$195/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48855 have sold for 7.3% more than they did a year ago.
Summary: The median home sold price in 48855 was $354,250 in April 2024, up 7.3% from last year, and the median price per square foot was $195.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $85K | - | N/A |
| 2 Bedrooms | $253.4K | $213.5K | -15.8% |
| 3 Bedrooms | $325.5K | $347K | +6.6% |
| 4 Bedrooms | $386K | $384.9K | -0.3% |
| 5+ Bedrooms | $440K | $460K | +4.5% |
Summary: 48855 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 15.8%, 3 bedroom homes increased by 6.6%, 4 bedroom homes decreased by 0.3%, and 5+ bedroom homes increased by 4.5%.
Housing Supply in 48855, MI
How many homes are available in 48855, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 36 | 43 | +19.4% |
Summary: The 48855 real estate market had 43 homes for sale in April 2024, a 19.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 5 | 5 | 0.0% |
| 3 Bedrooms | 21 | 26 | +23.8% |
| 4 Bedrooms | 9 | 10 | +11.1% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The 48855 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 23.8%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 10 | 18 | +80.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48855, you could pay more than the asking price. 38.9% of homes here sold above asking price last month.
Summary: A total of 18 homes were sold or pending in 48855 in April 2024, up by 80.0% month-over-month. Of the 18 sold homes, 28% were sold under asking, 33% were sold at asking, and 39% were sold over asking.
Days on Market for 48855, MI
How long does it take to sell a home in 48855, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 105 Days | 16 Days | -84.1% |
Summary: Homes in 48855 had an average of 16 days on market in Apr 2024, down by 84.1% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48855 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 18 homes were sold in 48855; 89% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
