Is 48906, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, 48906 has remained a Seller's Market.
Key Takeaway
48906 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48906, MI
How much do homes in 48906, MI cost?
Median Sold Price
$130,875
$109/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 48906 have sold for 3.6% more than they did a year ago.
Summary: The median home sold price in 48906 was $130,875 in March 2024, up 3.6% from last year, and the median price per square foot was $109.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $52.7K | $27.4K | -48.0% |
| 2 Bedrooms | $90K | $103K | +14.4% |
| 3 Bedrooms | $149.9K | $160K | +6.7% |
| 4 Bedrooms | $242.5K | $175.1K | -27.8% |
| 5+ Bedrooms | $265K | $333K | +25.7% |
Summary: 48906 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 48%, 2 bedroom homes increased by 14.4%, 3 bedroom homes increased by 6.7%, 4 bedroom homes decreased by 27.8%, and 5+ bedroom homes increased by 25.7%.
Housing Supply in 48906, MI
How many homes are available in 48906, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 74 | 80 | +8.1% |
Summary: The 48906 real estate market had 80 homes for sale in March 2024, a 8.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 16 | 19 | +18.8% |
| 3 Bedrooms | 36 | 34 | -5.6% |
| 4 Bedrooms | 15 | 21 | +40.0% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The 48906 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 18.8%, 3 bedroom homes decreased by 5.6%, 4 bedroom homes increased by 40%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 19 | 21 | +10.5% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48906, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.
Summary: A total of 21 homes were sold or pending in 48906 in March 2024, up by 10.5% month-over-month. Of the 21 sold homes, 43% were sold under asking, 14% were sold at asking, and 43% were sold over asking.
Days on Market for 48906, MI
How long does it take to sell a home in 48906, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 30 Days | 12 Days | -57.7% |
Summary: Homes in 48906 had an average of 12 days on market in Mar 2024, down by 57.7% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48906 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 21 homes were sold in 48906; 86% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 0% 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.