Is 48911, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48911 is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, 48911 has remained a Seller's Market.

Key Takeaway

48911 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48911, MI

How much do homes in 48911, MI cost?

Median Sold Price

$150,000

$114/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$5,026(+3.5%)

Key Takeaway

Homes in 48911 have sold for 3.5% more than they did a year ago.

Summary: The median home sold price in 48911 was $150,000 in February 2024, up 3.5% from last year, and the median price per square foot was $114.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $67.5K$76K
+12.6%
2 $93K$95.6K
+2.8%
3 $146.9K$157K
+6.9%
4 $188.7K$174K
-7.8%
5+ $215K$357.5K
+66.3%

Summary: 48911 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.6%, 2 bedroom homes increased by 2.8%, 3 bedroom homes increased by 6.9%, 4 bedroom homes decreased by 7.8%, and 5+ bedroom homes increased by 66.3%.

Median Sold Price Compared To Nearby Zip Codes

48915
+25.1%
48842
+11.6%
48910
+8.3%
48911
+3.5%
48821
-4.3%

Housing Supply in 48911, MI

How many homes are available in 48911, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
7693+22.4%

Summary: The 48911 real estate market had 93 homes for sale in February 2024, a 22.4% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 12
+100.0%
2 1621
+31.3%
3 3950
+28.2%
4 1818
0.0%
5+ 22
0.0%

Summary: The 48911 housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 31.3%, 3 bedroom homes increased by 28.2%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
1727+58.8%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48911, you could pay more than the asking price. 37% of homes here sold above asking price last month.

Summary: A total of 27 homes were sold or pending in 48911 in February 2024, up by 58.8% month-over-month. Of the 27 sold homes, 33% were sold under asking, 30% were sold at asking, and 37% were sold over asking.

Days on Market for 48911, MI

How long does it take to sell a home in 48911, MI?

Average Sale Time

Feb 2023Feb 2024CHANGE
36 Days35 Days-3.2%

Summary: Homes in 48911 had an average of 35 days on market in Feb 2024, down by 3.2% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48911 are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 27 homes were sold in 48911; 63% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in 48911, MI

Nearby Markets to 48911, MI