Is 49503, 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, 49503 has remained a Seller's Market.
Key Takeaway
49503 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 49503, MI
How much do homes in 49503, MI cost?
Median Sold Price
$261,687
$215/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 49503 have sold for 7.2% more than they did a year ago.
Summary: The median home sold price in 49503 was $261,687 in March 2024, up 7.2% from last year, and the median price per square foot was $215.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $215K | $230K | +7.0% |
| 2 Bedrooms | $238K | $250K | +5.0% |
| 3 Bedrooms | $235K | $260K | +10.6% |
| 4 Bedrooms | $280K | $303.7K | +8.5% |
| 5+ Bedrooms | $305K | $345K | +13.1% |
Summary: 49503 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7%, 2 bedroom homes increased by 5%, 3 bedroom homes increased by 10.6%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes increased by 13.1%.
Housing Supply in 49503, MI
How many homes are available in 49503, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 85 | 97 | +14.1% |
Summary: The 49503 real estate market had 97 homes for sale in March 2024, a 14.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 8 | +14.3% |
| 2 Bedrooms | 23 | 30 | +30.4% |
| 3 Bedrooms | 33 | 42 | +27.3% |
| 4 Bedrooms | 20 | 14 | -30.0% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The 49503 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 30.4%, 3 bedroom homes increased by 27.3%, 4 bedroom homes decreased by 30%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 26 | 30 | +15.4% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 49503, you could pay more than the asking price. 60% of homes here sold above asking price last month.
Summary: A total of 30 homes were sold or pending in 49503 in March 2024, up by 15.4% month-over-month. Of the 30 sold homes, 27% were sold under asking, 13% were sold at asking, and 60% were sold over asking.
Days on Market for 49503, MI
How long does it take to sell a home in 49503, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 20 Days | 27 Days | +32.5% |
Summary: Homes in 49503 had an average of 27 days on market in Mar 2024, up by 32.5% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 49503 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 30 homes were sold in 49503; 77% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.