Is 49120, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 49120 is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, 49120 has remained a Seller's Market.

Key Takeaway

49120 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 49120, MI

How much do homes in 49120, MI cost?

Median Sold Price

$178,841

$142/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$9,729(+5.8%)

Key Takeaway

Homes in 49120 have sold for 5.8% more than they did a year ago.

Summary: The median home sold price in 49120 was $178,841 in February 2024, up 5.8% from last year, and the median price per square foot was $142.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $80.5K$76.5K
-5.0%
2 $133K$140K
+5.3%
3 $170K$176.3K
+3.7%
4 $222.5K$255K
+14.6%
5+ $680K$420K
-38.2%

Summary: 49120 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5%, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 3.7%, 4 bedroom homes increased by 14.6%, and 5+ bedroom homes decreased by 38.2%.

Median Sold Price Compared To Nearby Zip Codes

49107
+22.9%
49120
+5.8%

Housing Supply in 49120, MI

How many homes are available in 49120, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
133136+2.3%

Summary: The 49120 real estate market had 136 homes for sale in February 2024, a 2.3% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 11
0.0%
2 2826
-7.1%
3 6061
+1.7%
4 3333
0.0%
5+ 1115
+36.4%

Summary: The 49120 housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 7.1%, 3 bedroom homes increased by 1.7%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 36.4%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
2732+18.5%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 49120, you may be able to get a good deal. 56.3% of homes here sold below asking price last month.

Summary: A total of 32 homes were sold or pending in 49120 in February 2024, up by 18.5% month-over-month. Of the 32 sold homes, 56% were sold under asking, 19% were sold at asking, and 25% were sold over asking.

Days on Market for 49120, MI

How long does it take to sell a home in 49120, MI?

Average Sale Time

Feb 2023Feb 2024CHANGE
48 Days71 Days+48.0%

Summary: Homes in 49120 had an average of 71 days on market in Feb 2024, up by 48% compared to last year.

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

10 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 49120 are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 32 homes were sold in 49120; 38% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 31% 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 27 Days Ago

Newest Listings in 49120, MI

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